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Gold/Mining/Energy : Gold Price Monitor

GDXJ 128.56

+6.1%

Feb 6 4:00 PM EST

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To: long-gone who wrote (39846)	8/31/1999 3:59:00 PM
From: Rarebird	Read Replies (2) of 116972

NAPM Price Index Surges: NEW YORK (CNNfn) - Treasury bond prices turned sharply lower Tuesday afternoon after the accidental release of a key manufacturing report showed unexpected economic strength and higher prices paid for goods. Just before 12:45 p.m. ET, the price of the benchmark 30-year bond fell 17/32 to 110-11/32. Its yield, which moves in the opposite direction from the price, rose to 6.09 percent from 6.06 percent Monday. The bond sell-off began immediately after the late- morning accidental release of the August National Association of Purchasing Management report on manufacturing. Issued one day early, the report showed manufacturing activity rose to 54.2, slightly lower than expected but ahead of the 53.4 in July. The NAPM price index rose to 59.8, 5.1 percentage points higher than July's reading. The strong number fueled fears that the Federal Reserve will raise rates when it meets in October in order to slow an overheating economy and pre-empt inflation. Already, fears of an overheating economy have led the Federal Open Market Committee to raise short-term interest rates by a quarter percentage point in both June and August.

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