Chosen_One
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U.S. treasuries gain - 2006/10/25 14:49
U.S. Treasuries gained after an industry report showed home resales fell more than expected last month.
Traders bought Treasuries on the data, which came out before the Federal Reserve's interest-rate announcement later today. Policy makers will probably hold borrowing costs steady and say prices in the economy are still rising.
The benchmark 10-year note yield fell 2 basis points, or 0.02 percentage point, to 4.8% at 10:22 a.m. in New York, according to broker Cantor Fitzgerald LP. It touched 4.84% this week, the highest since Sept. 18. The price of the 4 7/8% note due in August 2016 rose about 1/8, or $1.25 per $1,000 face amount, to 100 17/32. Bond prices move inversely to yields.
The National Association of Realtors said sales of previously owned homes fell to an annual rate of 6.18 million in September from 6.3 million a month earlier. The median estimate in a survey was for a slowdown to a 6.23 million rate.
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