Markets & Finance

Bonds Drop

S&P MARKETSCOPE: Treasuries finished lower after a low-volume session. 10-year notes fell 07/32 to 100-07/32 for a yield of 4.10%. 30-year bonds fell 10/32 to 115-09/32 for a yield of 4.38%. Price weakness partly reflected the selling of U.S. Treasuries and buying German Bunds on a Reuters report, quoting European Central Bank sources, that a rate cut in Europe is possible.

Richmond Fed President Lacker endorsed the moderate tightening pace as a sensible outlook at this stage. A 0.5% decline in May leading indicators, wider than the expected 0.2% fall, had no impact on the market.

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