Markets & Finance
10-Year Treasury Yield Surges
S&P MARKETSCOPE: The 10-year note was sinking 27/32 to 97-01/32, yielding 4.38%, the highest level since Dec. 3, 2004. February Chicago PMI employment index rose to 57.7 from 52.8 in January, prompting upward revisions to forecasts for this Friday's January labor report. January personal consumption expenditure excluding food and energy climbed 1.6% year-over-year. Yields were also climbing on speculation the Fed's monetary policy decisions will grow less obvious as rates approach neutrality. The market is awaiting Fed Chairman Greenspan's testimony to House Budget Committee on economic outlook Wednesday.