Bonds pare losses after Fed cuts ‘08 growth forecast

NEW YORK (MarketWatch) — Treasury prices pared their losses Wednesday after the
Federal Reserve slashed its economic growth forecast for 2008 and signaled a lack
of desire for more rate cuts. The 10-year Treasury note recently traded at 100
13/32, up from 100 11/32 before the Fed released its forecast and minutes from
its April 30 meeting, sending the benchmark note’s yield to 3.83%. The two-year
Treasury note rose to 99 18/32, up from 99 16/32, with yields falling to 2.3525%
from 2.3816%. The 30-year bond rose to 96 31/32 from 96 26/32 before the
forecast, with its yield falling to 4.56% from 4.57% before the forecast.

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Technorati Tags: Bonds, Economic Forecast, Economic Growth, Federal Reserve, Lack Of Desire, Losses, Marketwatch, Treasury Prices