UPDATE 1-Bank rewards must promote good conduct -Fed's Dudley
NEW YORK, Oct 20 Banks need to continue to monitor the way they reward employees to ensure they promote good conduct, one of the top U.S. financial regulators said on Thursday.
NEW YORK Aug 15 Prices on longer-dated U.S. Treasuries added to gains briefly early Friday after a regional Federal Reserve gauge showed slower business activity in New York state in August, suggesting weaker manufacturing growth on a national level.
The New York Federal Reserve's "Empire" index fell to 14.69 points from July's 25.60, which was the strongest since April 2010. Analysts expected an August reading of 20.0.
Benchmark 10-year Treasuries notes climbed as much as 5/32 higher in price with a yield at 2.382 percent, which was about 3 basis points above the 14-month low set last week. Ten-year notes last traded up 2/32 in price with a yield of 2.391 percent, down from 2.398 percent late on Thursday.
In the meantime, the government reported a mild pick-up in producer prices in July, which economists said will likely give Federal Reserve policymakers the breathing room to leave policy rates near zero into the latter half of 2015.
The Producer Price Index edged up 0.1 percent last month, shaving its year-over-year increase to 1.7 percent from 1.8 percent in the previous month.
The muted inflation readings resulted in a decline in inflation expectations in the Treasury Inflation-Protected Securities market.
The 10-year TIPS breakeven rate, or the yield on benchmark 10-year Treasuries over the yield on 10-year TIPS, fell over half a basis point to 2.22 percentage points. (Reporting by Richard Leong; Editing by Jeffrey Benkoe)
* Alcoa Corp's future CEO Roy Harvey says "right now we see a lot of strength across the aluminum sector both in China and in the rest of the world"
BUENOS AIRES, Oct 20 Argentina's foreign currency reserves rose above $40 billion for the first time in 3-1/2 years on Thursday, a milestone the country's central bank chief said was a sign of growing investor confidence in the country.