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US Treasuries struggle as Greenspan limits outlook
Wed Sep 8, 2004 10:47 AM ET
NEW YORK, Sept 8 (Reuters) - U.S. Treasury debt prices trimmed their losses on Wednesday after Federal Reserve Chairman Alan Greenspan made only limited remarks on the economy in his prepared text to the House of Representatives.
Greenspan told the House Banking Committee that recent data suggested the economy had regained some traction after the mid-year soft spot. However, he did not expand on this point, instead noting that inflation and inflation expectations had eased.
The market had expected Greenspan to be more explicitly upbeat about the economy, though he has plenty of opportunity to expand on his views in the question-and-answer session that follows.
The benchmark 10-year note (US10YT=RR: Quote, Profile, Research) was 9/32 lower in price, lifting its yield to 4.27 percent from 4.24 percent late on Tuesday. Fed fund futures (0#FF:: Quote, Profile, Research) showed a better than 90 percent chance of a Fed rate hike later this month but were divided on whether rates end the year at 2.00 percent or 2.25 percent.
US Treasuries struggle as Greenspan limits outlook
Wed Sep 8, 2004 10:47 AM ET
NEW YORK, Sept 8 (Reuters) - U.S. Treasury debt prices trimmed their losses on Wednesday after Federal Reserve Chairman Alan Greenspan made only limited remarks on the economy in his prepared text to the House of Representatives.
Greenspan told the House Banking Committee that recent data suggested the economy had regained some traction after the mid-year soft spot. However, he did not expand on this point, instead noting that inflation and inflation expectations had eased.
The market had expected Greenspan to be more explicitly upbeat about the economy, though he has plenty of opportunity to expand on his views in the question-and-answer session that follows.
The benchmark 10-year note (US10YT=RR: Quote, Profile, Research) was 9/32 lower in price, lifting its yield to 4.27 percent from 4.24 percent late on Tuesday. Fed fund futures (0#FF:: Quote, Profile, Research) showed a better than 90 percent chance of a Fed rate hike later this month but were divided on whether rates end the year at 2.00 percent or 2.25 percent.
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