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Early news that the New York Federal Reserve was investigating the trades between JP Morgan and Enron kept a firm bid in the March 10-year note contract for all of Friday's session. Stock weakness also helped the bid, but when a late rally launched equities into the green, the note still showed mettle by holding its bid. By the close, the entire curve was in positive territory ending the week in the green.
It's a busy calendar for the Treasury market next week as the month of February comes to an end. Highlighting will be Greenspan's House Financial Services testimony Wednesday (formerly Humphrey-Hawkins). We look for Greenspan to be relatively hopefully on the economy's rebound, though within the context of a still fragile recovery, akin to his January 24 speech. Of course the markets will be looking for any signs as to when the Fed might shift its posture. There will also be plenty of data due out, with home sales figures, confidence and durable goods paving the way for Greenspan. Data at the end of the week include revised GDP, Chicago PMI, income/consumption, construction spending and ISM (formerly NAPM).