Treasury Prices Higher
Bonds higher in flight to safety from falling global stock markets. Some nervous about comments by Fed Chairman Bernanke that the U.S. housing crisis could have a significant drag on the economy. The 2-year notes up 03/32 to 99-22/32 for yield of 4.172%, 10-year notes up 04/32 to 100-23/32 for yield of 4.663% and the 30-year bond up 07/32 to 101-19/32 for yield of 4.901%. Awaiting reports on Industrial Production, Capacity Utilization, National Association of Home Builders market index and foreign purchased of U.S. securities to see if they give Fed any incentive to lower interest rates further. Bernanke gave no hints in New York Economic Club speech what the FOMC will do.