Treasury Prices Rise
MARKETSCOPE : Treasury bond values gained on Thursday, as investors made their bets on interest rates and watched an $8 billion add-on of previously existing ten-year debt.
The benchmark 10-year Treasury note was yielding 4.45% near closing time, compared to yield of 4.51% at Wednesday's close. Yields fall when demand rises.
At the $8 billion reopening, the 2.19 bid cover was low, as was the 17.1% indirect bid.
Market players continued eyeing interest rates ahead of a Federal Open Market Commmittee meeting scheduled for Tuesday. The Federal Reserve has raised rates 12 times since 2004 in an effort to control inflation by making debt more expensive. The rate now stands at 4%.