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		Home Page Mortgage News You Can Use Iconocast SEM   Bond Prices End Down Slightly Wednesday February 4, 6:11 pm ET NEW YORK (AP) -- Bond prices fell only slightly in Wednesday trading as the market mostly ignored positive reports on the economy. The price of the benchmark 10-year Treasury note fell 1/8 point, or $1.25 per $1,000 in face value. Its yield, which moves in the opposite direction, rose to 4.11 percent compared with 4.10 percent late Tuesday. The 30-year Treasury bond fell 1/16 point. Its yield was virtually unchanged from a day earlier at 4.95 percent, according to Moneyline Telerate. The Commerce Department said factory orders grew an unexpectedly strong 1.1 percent in December, while the private Institute for Supply Management reported that its index of growth in the nonmanufacturing economy rose to the highest level ever in January, far surpassing expectations. Good news for the economy usually sends bond prices down, since a boom usually means a pickup in inflation, which undercuts the value of fixed-income investments. Analysts suggested that the market was waiting for employment data before judging the strength of the economy. Among shorter maturities, the benchmark 2-year note was unchanged, with the yield holding steady from Tuesday at 1.76 percent. Intermediate maturities fell between 1/32 point and 1/8 point. Yields on one-month Treasury bills were 0.90 percent as the discount rose 0.03 percentage point to 0.88 percent. Yields on three-month Treasury bills were 0.93 percent as the discount fell 0.01 percentage point to 0.91 percent. Six-month yields were 1.01 percent, as the discount fell 0.01 percentage point to 0.98 percent. Yields are the interest bonds pay by maturity, while the discount is the interest at which they are sold. The federal funds rate, the interest on overnight loans between banks, was unchanged from late Tuesday at 1 percent. In the tax-exempt market, the Bond Buyer index of 40 actively traded municipal bonds rose 1/32 to 112 7/8. The average yield to maturity was virtually unchanged at 4.82 percent.   Back to Original Article: Mortgage News You Can Use   Continue with: Workers' Productivity Slows at End of'03 Wall Street Waffles on New Economic Data European Central Bank Keeps Rates Steady Thursday's World Gold Prices U.S. Productivity Grows at 2.7 Percent Annual Rate, Down From 9.5 Percent More borrowers tap into home equity U.S. productivity cools, jobless claims rise U.S. Treasuries, Thursday, Feb 5 House Backs Extended Jobless Benefits Mortgage Activity Drops US TREASURY OUTLOOK - Waiting for payrolls U.S. Treasury's Snow repeats deficits manageable Funds probe spreads to Alliance Capital 401k plans are getting even more scrutiny Fed's Bernanke sees low inflation, slow job growth
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