Treasury Prices Rise After Home Sales, Durable Goods News
MARKETSCOPE : Treasury bonds rose on Friday after news of declining home sales and higher durable goods orders.
Recovering from their hammering Thursday, the benchmark 10-year Treasury note rose 16/32 to 98-22/32 for yield of 4.667%. The 2-year note edged up 03/32 to 99-27/32 for yield of 4.709%, while the 30-year bond rallyed 30/32 to 96-30/32 for yield of 4.691%.
New Home Sales plunged a more than expected 10.5% to a 1,080,000 annual pace in February from 1,207,000 in January, which was revised from 1,233,000.
Durable Goods Orders rebounded 2.6% in February from an 8.9% decline in January, which was revised from being down 10.2%.
The Federal Open Market Committee meets next week, when it might change the Fed funds target, which currently stands at 4.50%.