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To: Chuzzlewit who wrote (65749)	9/16/1998 1:41:00 PM
From: D.J.Smyth	Read Replies (1) \| Respond to of 176387

12:31 DJS Treasurys Mull Greenspan, Rubin Testimony; Long Bond Yields 5.24% 12:31 DJS Treasurys Mull Greenspan, Rubin Testimony; Long Bond Yields 5.24% NEW YORK -(Dow Jones)- Interest rates on U.S. Treasurys were narrowly mixed Wednesday, as investors mulled Federal Reserve Chairman Alan Greenspan's testimony before the House Banking Committee. In his prepared remarks, Greenspan indicated that the central bank remains wary of the impact of global economic weakness, but said that, thus far, the U.S. economy has thrived. Traders have been looking for further clues from Greenspan on a possible interest-rate easing to help boost liquidity in the world economy. At about 1:30 p.m. EDT, the yield on the 30-year Treasury was at 5.238%, down from 5.258% late Tuesday. The bond's price, which moves inversely to its yield, was up 10/32 at 103 28/32. The 10-year note was down 1/32 at 105 17/32 to yield 4.89%. Three-month Treasury bills were down three basis points at 4.65 to yield 4.76%. The Fed conducted a coupon pass earlier in the session, buying U.S. Treasury securities maturing March 31, 2000, through Aug. 15, 2003, that will be delivered Thursday. The coupon pass gave prices a slight lift, but they backed down soon after as the market resumed its Greenspan wait. The Fed chief was testifying on the global economic turmoil before the House Banking Committee. Treasury Secretary Robert Rubin, who also appeared, said the U.S. and other industrialized countries must pursue "sound policies" if they wish to enjoy strong economies amid the turmoil plaguing many world financial markets. The testimony came amid widespread talk of a coordinated effort to help ease the global turmoil that has gripped Russia, Asia and Latin America and has heightened volatility in world financial markets. The Group of Seven industrialized nations issued a statement late Monday indicating that their central bankers are concerned about the prospects for global growth. Traders have been wondering whether the Fed may try to help alleviate some of the liquidity pressures by cutting U.S. interest rates, even as soon as its Sep. 29 policy meeting. In a speech a week-and-a-half ago, Greenspan indicated the central bank had abandoned its tightening bias. Expectations for a rate cut follow Greenspan's comments that the threat of inflation has come into balance with the threat of recession, and that the Fed is looking at how international events will impact the U.S. economy. Treasurys prices came under further pressure on Tuesday amid strength in global stock markets, growing expectations of a Latin American aid package and concerns the Fed won't ease in the near future. The Treasurys market largely brushed off morning economic data. Industrial production rebounded 1.7% in August, as General Motors fired up its factories in the wake of the auto workers' strike, the Federal Reserve said. The August increase in production was the largest since January 1984. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved. 09/16 12:31p CDT