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US Treasuries steady, market awaits Fed's Yellen
Thu Sep 7, 2006
By Lucia Mutikani
NEW YORK, Sept 7 (Reuters) - U.S. Treasury debt prices were little changed on Thursday as investors awaited a speech by a Federal Reserve policy-maker for clues on the inflation and interest rate outlook.
Government bonds have retreated this week amid concerns that the Fed may need to resume its monetary policy tightening campaign to curb inflation after robust data on unit labor costs and services sector growth.
Inflation erodes the value of bonds over time.
Investors could get insight on the interest rate outlook when San Francisco Fed President Janet Yellen, a voting member of the interest rate-setting Federal Open Market Committee, speaks on the prospects for the U.S. economy and the implications for monetary policy at 2:40 p.m. (1840 GMT).
"Anything she has to say will definitely be important. She has been a person who has been more dovish. Her comments are important because she is a voter," said Mary Ann Hurley, senior Treasuries trader at brokerage DA Davidson in Seattle.
Benchmark 10-year Treasury notes <US10YT> were down 2/32 in price for a yield of 4.81 percent, compared with 4.80 percent late on Wednesday. Bond yields and prices move inversely.
The market was little moved by data showing that the number of workers applying for initial jobless benefits fell by a steeper-than-expected 9,000, to 310,000, last week. That was below economists' median forecast of 315,000.
Thu Sep 7, 2006
By Lucia Mutikani
NEW YORK, Sept 7 (Reuters) - U.S. Treasury debt prices were little changed on Thursday as investors awaited a speech by a Federal Reserve policy-maker for clues on the inflation and interest rate outlook.
Government bonds have retreated this week amid concerns that the Fed may need to resume its monetary policy tightening campaign to curb inflation after robust data on unit labor costs and services sector growth.
Inflation erodes the value of bonds over time.
Investors could get insight on the interest rate outlook when San Francisco Fed President Janet Yellen, a voting member of the interest rate-setting Federal Open Market Committee, speaks on the prospects for the U.S. economy and the implications for monetary policy at 2:40 p.m. (1840 GMT).
"Anything she has to say will definitely be important. She has been a person who has been more dovish. Her comments are important because she is a voter," said Mary Ann Hurley, senior Treasuries trader at brokerage DA Davidson in Seattle.
Benchmark 10-year Treasury notes <US10YT> were down 2/32 in price for a yield of 4.81 percent, compared with 4.80 percent late on Wednesday. Bond yields and prices move inversely.
The market was little moved by data showing that the number of workers applying for initial jobless benefits fell by a steeper-than-expected 9,000, to 310,000, last week. That was below economists' median forecast of 315,000.
olicy Must Have A Bias Toward Further Firming