Tuesday, June 26, 2007

Treasury Bonds Edge Lower, Tuesday, June 26, 2007 4:17:15 PM

Treasury bonds edged lower on Tuesday. The move reversed some of the gains posted in the previous couple days, as the fixed income market continued the uncertain trading of the past week. Trading took place amid the release of a couple key economic reports, which provided information about the housing market and consumer confidence.

After a choppy start, treasuries drifted lower during the late morning. The yield on the benchmark 10-year note finished at 5.101%, a gain of 2.3 basis points.

The U.S. Commerce Department revealed that new home sales dropped 1.6% in May to an annual rate of 915,000 units. Also, April`s pace was revised sharply lower to 930,000 units from the 981,000-unit rate that had originally been announced. Meanwhile, a research firm known as the Conference Board revealed that its consumer confidence index slipped to 103.9 in June. This followed a reading of 108.5 in May and represented the lowest level since last August.
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