Bonds Finish Higher
MARKETSCOPE: Treasurys were mostly higher amid debate over economy and Fed policy. The 3-month yield is down to 4.23%. The 2-year note yield is up to 4.291% as the July New Home Sales and Durable Goods Orders reports were stronger than expected. If those levels are sustained, it would reduce need for Fed to lower rates Sept. 18.
But analysts note the data reflects period before subprime loan crisis and could be weaker in months ahead. And that would put pressure on the Fed to ease. Fed Chairman Bernanke speaks on "Housing and Monetary Policy" at the Kansas City Fed's annual conference in Jackson Hole, Wyo.
The 10-year Treasury note is up 07/32 to 101 for yield of 4.631%, the 30-year bond is up 28/32 to 101-23/32 for yield of 4.892%.
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