Treasury Bond Prices Rise

Investors waited for news of the deficit after the FOMC's decision to raise rates and change the language in its policy statement

MARKETSCOPE : Treasury bond prices rose early Wednesday, after the Federal Open Market Committee on Tuesday raised interest rates and changed the language in its policy statement.

Investors also waited for news of the trade deficit. The 10-year Treasury notes were up 06/32 to 100-01/32 for yield of 4.50%.

U.S. government was expected to report a $63.00 billion October International Trade deficit, better than the $66.1 billion in September.

The 30 year bonds were up 10/32 at 109-29/32 for yield of 4.702%.

The FOMC on Tuesday raised the federal funds rate by a quarter of a percentage point to 4.25%. It also removed language in its policy statement that had described the rates as "accomodative," which essentially means that they don't impact economic growth. The Fed has already raised rates 13 times since 2004 in an effort to control inflation by making debt more expensive.

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