Treasury Prices Rise
MARKETSCOPE : Treasury bond prices rose Friday, as investors continued making their bets on interest rates.
The 10-year Treasury notes were up 09/32 to 100-15/32 for yield of 4.44%, while the 30 year bonds were up 19/32 at 110-12/32 for yield of 4.67%.
Action Economics reports that trading Friday was severely lacking in momentum in the shortened session without any data, direction, flow, or events to guide skeleton staff. With focus returning to the data next week and month-end, dealers are mostly biding time while looking forward... The Lehman bond index duration extends a healthy 0.16 years, given that it was a refunding month, and this could ensure some support for longer Treasuries into next week until the market braces for PCE prices, ISM and payrolls.