Treasury Prices Higher
Bonds, which rose yesterday even though a surge in oil prices ignited some inflation fears, higher even though as Kansas City Fed President Thomas Hoenig says the Fed must consider timely rate hikes if inflation continues to accelerate. Also, Treasury Sec. Paulson says he sees signs the U.S. is emerging from the credit crunch but there will be bumps along the road. Awaiting reports on Non-farm productivity growth, which see up to 2.1% in Q1 from 1.9% in Q4, and Pending Home Sales, which see falling 1% in March following a 1.5% decline in February. And more earnings reports due out during day. House set to vote on housing legislation. The 2-year Treasury notes flat at 99-16/32 for yield of 2.394% at 7:05 am EDT, the 10-year Treasury up 01/32 to 96-22/32 for yield of 3.917% and the 30-year bond up 13/32 to 95-24/32 for yield of 4.643%.
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