Shareminator
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Treasuries little changed - 2006/10/24 14:09
U.S. Treasuries were little changed, with two-year yields near their highest since August, before today's $20 billion monthly auction of the securities.
Federal Reserve officials convened today for a two-day meeting where they will leave their target interest-rate for overnight loans between banks at 5.25%, according to all 106 economists surveyed. Yields have risen in the past month as investors pared bets on a rate cut next quarter.
The two-year note's yield, which moves inversely to its price, was little changed at 4.91% at 9:24 a.m. in New York, after yesterday reaching the highest since Aug. 29, according to bond broker Cantor Fitzgerald LP. The price of the 4 5/8% note maturing in September 2008 was 99 15/32.
The benchmark 10-year note yielded 4.83%. It touched 4.84% yesterday, the highest since the same level on Sept. 18.
Major expects 10-year yields to fall to between 4.25% and 4.50% by the end of next year.
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