Treasury Prices Lower as Central Banks Tighten
S&P MARKETSCOPE (07/05/2007 8:15am ): Bonds lower as global interest rates heading higher to combat inflation, firmer economies... Bank of England raised its key rate 25 basis points to 5.50%... European Central Bank expected to leave its rate unchanged today but might hike in coming months... U.S. traders awaiting reports on Initial Jobless Claims, which see up bit, and the June ISM Nonmanufacturing index, which expected to fall to around 57.5 level from 59.7 in May... today's ADP Employment Change index expected to rise bit... see some positioning before tomorrow's June Nonfarm Payroll report that many looking to show smaller gain than in May... The 10-year Treasury notes are off 08/32 to 95-19/32 for yield of 5.079%, 2-year note off 02/32 to 99-30/32 for yield of 4.921%, 30 year bonds off 16/32 at 93-21/32 for yield of 5.176%.
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