Treasury Prices Lower
MARKETSCOPE: The 2-year Treasury notes off 02/32 to 100-05/32 for yield of 3.073%, 10-year notes off 05/32 to 102-15/32 for yield of 3.953% and the 30-year bond off 08/32 to 110-25/32 for yield of 4.353% even though Bernanke hinted the Fed will cut rates at Dec. 11 FOMC meeting because the economy has deteriorated in the past few weeks. Will be watching speeches by Fed's Plosser, Poole and Kroszner today but doubt they will add much to what Bernanke said. Awaiting reports on that expected to show Oct. Personal Income rose 0.4%, Personal Consumption Expenditures rose 0.3%, the Nov. Chicago PMI rose to 51.0 from 49.7 and Oct. Construction Spending rose 0.2%. Starting to see yearend portfolio crosscurrents as work.