Rodney
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Bonds Rise - 2007/04/17 20:56
The data sent U.S. Treasuries higher for a second day, pushing yields on benchmark 10-year securities to the lowest in more than a week. The dollar dropped against the euro and yen.
Interest-rate futures contracts suggest traders see a 22 percent chance the Fed will reduce its target for the overnight lending rate between banks a quarter-percentage point to 5 percent by its Aug. 7 meeting. That's compared with 17 percent odds before the report was released.
Separately, the Fed said industrial production declined 0.2 percent last month as warm weather reduced electricity demand. Manufacturing output increased at the fastest pace of the year.
The S&P 500 yesterday surged to its highest in more than six years, fueled by the $25 billion takeover of student-loan provider SLM Corp. and better-than-expected earnings.
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