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Strategies & Market Trends : Trend Setters and Range Riders
MSFT 485.49+1.8%Nov 26 3:59 PM EST
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To: Bob Biersack who wrote (2853)9/18/2001 8:39:46 PM
From: Susan G  Read Replies (1) of 26752
 
U.S. Bonds Fall on Concern Government Will Increase Debt Sales

New York: U.S. Treasury bonds posted their biggest decline in two weeks as investors anticipated the government will sell more debt to boost military spending and pay for the reconstruction of lower Manhattan. Benchmark 10-year notes lost 25/32, or $7.81 per $1,000 face amount, to 102 6/32, lifting yields 10 basis points to 4.72 percent. Some investors also sold the securities, which account for about one-fifth of trading, on concern the Federal Reserve's half point interest rate cut yesterday will fuel faster inflation when the economy rebounds. ``The government is going to spend money big time and the Fed said it will do whatever it takes to get the economy going,'' said Jack Kallis, who manages $1.5 billion at State Street Research & Management in Boston. ``The banking system will support a recovery.'' Thirty-year bonds lost 1 23/32 to 97 19/32, increasing yields 12 basis points to 5.54 percent, as the increased spending could force the government to sell more 30-year bonds, reversing plans it had to phase them out through a buyback program that has retired $55 billion since last year.

from Bloomberg
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