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To: dennis michael patterson who wrote (27792)	8/17/2000 11:45:44 AM
From: Challo Jeregy	Read Replies (1) \| Respond to of 42787

Have a good visit in San Diego, Dennis. The weather is great! Careful at LAX though. Those conventioners will be leaving LA in troves tomorrow.<g> fwiw - Thursday August 17, 10:31 am Eastern Time US Treasuries hold earlier gains, buyback ahead (UPDATE: Recasts with market update, comment, prices) By Ross Finley NEW YORK, Aug 17 (Reuters) - U.S. Treasuries held early gains Thursday after a report showed a pickup in business conditions in the mid-Atlantic region while bonds rose ahead of the Treasury's 11th debt buyback so far this year. The Federal Reserve Bank of Philadelphia said its monthly business survey for August rose to 14.1 from 0.7 in July, higher than the consensus forecast of 4.6. In recent months, the index of manufacturing conditions in the mid-Atlantic region slumped from its reading of 20.2 in May. ``The market should have been hit harder by (these numbers), but it's not and I think that's the buyback scenario coming on. Once the buyback's out of the way it's going to have to trade on its own,'' said Mike Franzese, bond trader at Zions First National Bank. The U.S. Treasury will buy back at 11 a.m. (1500 GMT) $1.5 billion in 30-year bonds maturing from November 2021 to November 2026, for settlement on Aug 21. The repurchase will be conducted through a reverse-auction process at the Federal Reserve Bank of New York. Analysts said the overall strength in the market Thursday was a combination of dealers richening longer paper before the buyback and some stabilisation after profit-taking and making way for corporate supply weighed on prices earlier this week. ``We've seen a pretty substantial pullback particularly in the short end through the belly of the curve...and we're seeing some stabilisation from that,'' said John Canavan, Treasury market analyst at Stone & McCarthy Research Associates, referring to two- and five-year notes. At 10:15 a.m. (1415 GMT), two-year Treasury notes were 2/32 higher at 99-29/32, yielding 6.29 percent. Five-year notes were 1/32 firmer at 102-15/32 to yield 6.14 percent. Ten-year notes were likewise 1/32 firmer at 99-12/32, yielding 5.83 percent, and 30-year bonds were up 9/32 at 107-13/32 to yield 5.73 percent. Traders said shorter maturities outperformed the rest of the curve in late trading on Wednesday and that had continued through the overnight session, adding that gains in European debt as overseas equities struggled helped give Treasuries a small lift. ``Toward the end of the day yesterday there was a little bit of a steepening bias to the curve'' driven in part by a cheaper when-issued, or pre-market, two-year note following the Treasury's announcement on Wednesday it will sell $10 billion in new two-year notes next week, said John Santoro, head trader at SG Cowen Securities. ``It really made the two-year sector versus the rest of the curve look even a little bit cheaper than it's been.'' Jobless claims for the week ended Aug 12 rose to 313,000, higher than the 293,00 economists were forecasting, which was a modest help for Treasuries, analysts said. biz.yahoo.com