Bonds
By Nell Henderson
The Washington Post
Sunday, February 8, 2004; Page F12
Treasury yields fell a bit last week as the market made sense of the weak January jobs report. The jobless rate slipped a notch, but recent strong economic growth still had not fueled a takeoff in job creation. Details of the report provided sources of disappointment as well as encouragement. Overall, it appeared to relieve market anxieties that the Fed might be positioning itself to raise rates soon.
Financial markets also were looking ahead to this week, when Fed Chairman Alan Greenspan is to deliver to Congress the central bank's semiannual assessment of the economy. Investors are hoping for more guidance on the difference between the Fed's old promise to hold rates low "for a considerable period" and its new assurance that it "can be patient" in waiting to decide when to raise rates.
Tomorrow Treasury will sell $19 billion in three-month bills and $17 billion in six-month bills, which yielded 0.93 percent and 1.01 percent, respectively, in when-issued trading Friday. Also tomorrow, Treasury will announce details of an auction of four-week bills to be held Tuesday.
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