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June 6, 2005    

Bond markets wait for Greenspan appearance

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by Brian Turner
Bond markets wait for Greenspan appearance

In late morning trading in New York on Monday, yields on 10-year US Treasury bonds sat at 3.985 percent, little changed from their close on Friday.

Many investors were said to be waiting for an appearance by Federal Reserve chairman Alan Greenspan before a congressional committee on Thursday before committing themselves.

They are waiting for clues about whether or not the Fed will continue raising interest rates.

Meanwhile, speculation over whether the European Central Bank will cut interest rates in the eurozone affected bond yields there.

The possibility that this would happen was raised in a newspaper interview where a senior ECB official said that the bank’s monetary policy “does not rule out” a rate cut.

Yields on the 2-year Schatz fell 0.7 basis points to 2.110 percent and yields on the 10-year Bund declined 1.7 basis points to 3.216 percent. On the other hand, yields on UK gilts rose amid interest in an auction Monday of 2020 paper worth £2.75 billion.

The yields on 2-year gilts rose 2.5 basis points to 4.319 percent and 10-year yields rose 1.9 basis points to 4.278 percent. In Japan, the 10-year government bond closed at a yield of 1.240 percent.

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