Treasuries Gain as Hurricane Sandy Looms; Bonds Closed
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Treasuries rose, pushing 10-year note yields to almost a two-week low in an abbreviated trading session, amid concern that Hurricane Sandy will disrupt business and hurt the U.S. economic recovery. Trading in bonds will be closed tomorrow.
Trading volume slowed to a 10-month low as the Securities Industry and Financial Markets Association recommended trading in dollar-denominated fixed-income securities end at noon in New York because of the storm. Treasuries were also supported on speculation that Greece will need to restructure its debt, and before a report this week that economists predict will show the U.S. jobless rate climbed in October. The Federal Reserve postponed its open market operations until Oct. 31.