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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (3031)	7/23/2002 3:33:36 PM
From: stockman_scott	Respond to of 89467

2-Year Treasury Yield Breaks Record Low Tuesday July 23, 3:18 pm Eastern Time NEW YORK (Reuters) - Yields on two-year U.S. Treasury notes fell sharply Tuesday to trade beneath their all-time closing low as mounting losses in equities drove investors to the relative safety of bonds. In volatile late afternoon trade the two-year note was yielding 2.28 percent compared to 2.35 percent late on Monday and 2.62 percent this time last week. If it closed the day there, it would hit a record low, surpassing that of 2.31 percent hit in November last year. The intraday trough for the two-year yield, also touched last November, is variously put at between 2.25 and 2.28 percent, depending on which trader you talk to. "I bought two-years today just because we haven't had the flush-out, a really capitulative trade," said Sadakichi Robbins, head of global fixed-income trading at Bank Julius Baer in New York. "To me, event risk is preeminent here." The flight from risk is being driven by the equity market, where the Standard & Poor's 500 was down almost 2.5 percent on Tuesday, at its deepest depths since 1997.