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| FEBRUARY 3, 2005
TREASURY MARKET WATCH Treasuries Lower Treasuries were lower on Thursday after rising labor costs and lower weekly jobless claims sparked inflation concerns Treasuries were down on Thursday, as a jump in labor costs sparked inflation concerns. The government's report on fourth-quarter nonfarm productivity showed a 2.3% rise in unit labor costs. Treasuries all fell lower on an unexpected slide in weekly jobless claims. Anecdotal labor indicators also suggested upside risk to tomorrow's payrolls print, according to Action Economics. 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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