Treasuries Higher in Early Trading
S&P MARKETSCOPE: Bonds, which rose yesterday in flight to safety, higher at outset before reports on Chicago PMI and New Home Sales, which could add pressure on Fed to lower rates at the January policy meeting. The 2-year Treasury up 03/32 to 100-06/32 for yield of 3.169%, 10-year notes up 09/32 to 100-23/32 for yield of 4.168% and the 30-year bond up 03/32 to 106-11/32 for yield of 4.607%. Analysts say Treasurys feeling more impact from weak economic data than worries about geopolitical risks after Pakistani opposition leader Benazir Bhutto was assassinated on Thursday. Seeing some safe haven buying amid reports U.S. and European banks are considering sales of everything from branches to entire units because of the fallout from the subprime mortgage crisis and a credit squeeze.
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