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|  | FEBRUARY 24, 2005
TREASURY MARKET WATCH Bonds Lower INFORMA: Treasuries ended lower. Prices opened firm, moving higher despite two underlying strong bits of econ news. Durable goods were soft on the surface, but showed strength underneath, and despite the uptick in jobless claims and labor conditions improving. So the initial Treasury market bid was underscored by covering. The large open interest for Tuesday's trading suggested the Street was short. Some covered in Wednesday's post CPI relief rally, but more covered Thursday morning. Prices then reversed sharply. Once shorts covered, the market lacked buyers. Hedging was also seen against the $1 billion Bank of America Treasury 30-year deal. It was the tepid two-year auction that moved Treasuries into negative territory as it was a Street-led affair.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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