Longer-Term Bond Prices Fall Slightly ( yahoo business - ap )

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Longer-Term Bond Prices Fall Slightly

Wed Apr 13, 5:51 PM ET   Business - AP
 

NEW YORK - Long bond prices fell slightly Wednesday while shorter maturities advanced as the market continued to digest insight into the thinking at the Federal Reserve.
 

The price of the benchmark 10-year Treasury note fell 1/16 point, or 63 cents per $1,000 in face value. Its yield,  (which moves in the opposite direction), was virtually unchanged from late Tuesday at 4.36 percent .

The 30-year Treasury bond fell 7/16 point to yield 4.68 percent, up from 4.66 percent a day earlier, according to Moneyline Telerate.

Minutes of the March Fed meeting released Tuesday indicated that the policy-makers were less concerned with inflation than previously supposed. That led to a sharp rise in bond prices, which reversed slightly on Wednesday.

The Treasury Department on Wednesday sold $15 billion in 5-year notes yielding 4.05 percent. Interest from buyers was weak, particularly from foreign central banks.

Among shorter maturities, the benchmark 2-year note rose 1/16 point to yield 3.65 percent, down from Tuesday's 3.69 percent. Intermediate maturities rose between 1/16 point and 1/32 point.

Yields on one-month Treasury bills were 2.61 percent as the discount rose 0.02 percentage point to 2.57 percent. Yields on three-month Treasury bills were 2.76 percent as the discount was unchanged at 2.71 percent. Six-month yields were 3.14 percent, as the discount fell 0.01 percentage point to 3.06 percent.

Yields are the interest bonds pay by maturity, while the discount is the interest at which they are sold.

The federal funds rate, the interest on overnight loans between banks, was unchanged from late Tuesday at 2.75 percent.

In the tax-exempt market, the Bond Buyer index of 40 actively traded municipal bonds rose 5/32 to 113 9/16. The average yield to maturity fell to 4.81 percent from 4.82 percent.

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