Treasury Prices Mixed Ahead of Bernanke Appearance
MARKETSCOPE : Treasury bond prices were trading mixed in a narrow range on Monday, as investors waited for Federal Reserve Chairman Ben Bernanke's first testimony to Congress in the coming days.
The benchmark 10-year note edged up 02/32 to 99-01/32 for a yield of 4.58%, compared to 99-10/32 for yield of 4.592% early Monday.
Cleveland Fed President Pianalto suggested that economic growth recovered in January, sparking fears of more rate hikes in the stock market but barely moving bonds.
The 30-year bond finished little changed at 99-03/32 for a yield of 4.56%, from 02/32 at 99-01/32 for yield of 4.562%.
A Philadelphia Fed survey of 53 forecasters projected that first-quarter growth will be at an annual rate of 4.4%, up from the 3.7% they had estimated three months ago. The first quarter ends in March.
Bernanke speaks to Congress Wednesday and Thursday about his plans for monetary policy.