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Politics : Stockman Scott's Political Debate Porch

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To: Jim Willie CB who wrote (39481)	3/15/2004 9:44:51 AM
From: stockman_scott	Read Replies (1) of 89467

Treasury prices gain as investors seek safe haven ___________________ By Rachel Koning, CBS.MarketWatch.com Last Update: 9:13 AM ET Mar 15, 2004 CHICAGO (CBS.MW) - U.S. Treasury prices gained Monday as investors sought a "safe haven" amid increased speculation al-Qaida may be behind the Madrid bombings. Yields remain at their lowest level in eight months. Spanish authorities received a videotape over the weekend allegedly sent from the group, which claimed responsibility for last Thursday's series of deadly train bombings in the capital city. Reports that police in Karachi, Pakistan found a car wired with explosives outside the U.S. consulate there added to the concerns of more attacks that were rippling through global financial markets since the bombings last week. See the latest from CBS News. Lower-risk U.S. government debt tends to rise in value amid geopolitical uncertainty. The dollar fell as investors moved into the "safe haven" Swiss franc and into gold. See Currencies and Futures Movers. Benchmark 10-year Treasury notes were up 12/32 at 102 6/32. Their yields ($TNX: news), which move inversely to price, fell to 3.73 percent, the lowest level since July. The 2-year note was up 2/32 at 100 8/32, yielding 1.49 percent vs. 1.53 percent. The 5-year note rose by 6/32 to 99 22/32, to yield 2.69 percent vs. 2.75 percent. The 30-year bond was 12/32 higher at 110 13/32 to yield 4.69 percent vs. 4.72 percent. Before the latest wave of terrorism speculation, a survey of demand for the 10-year Treasury note actually fell as investors contemplate accelerating U.S. economic growth. Connecticut-based Ried, Thunberg's weekly index of sentiment toward the note fell to 47 from 49 a week earlier, which was the highest since Dec. 5. Readings below 50 signal expectations for declining prices and rising yields. The firm surveys 35 international investors each week, which manage a combined $1.2 trillion in fixed-income securities. The Federal Reserve meets Tuesday and is not expected to change its four-decade-low 1 percent interest rate. See Economic Preview.

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