FINANCIAL MARKETS : CREDIT : Treasuries Mixed, but Junk Bonds Up
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Bond prices finished narrowly mixed as the market shrugged off new reports on trade and industrial production. The Treasury’s benchmark 30-year bond lost 1/16 point, or 60 cents per $1,000 face amount. Its yield held at 8.45%, the same as Monday.
Junk bond prices soared, however, as RJR Nabisco’s recapitalization lent a further feeling of stability to the market, which has recovered sharply recently.
In the Treasury market, traders appeared hesitant in advance of Fed Chairman Alan Greenspan’s testimony today before Congress on the central bank’s view of economic conditions.
The federal funds rate finished at 8%, unchanged from Monday.
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