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TREASURIES-Bond prices turn positive on Reid's remarks
December 27, 2012 / 3:25 PM / 5 years ago

TREASURIES-Bond prices turn positive on Reid's remarks

NEW YORK, Dec 27 (Reuters) - Prices on longer-dated U.S. Treasuries turned positive on Thursday, erasing earlier losses, after Senate leader Harry Reid said going over the fiscal cliff “looks like where we’re headed,” stoking anxiety about a budget crisis in Washington.

The bond market began trimming its decline earlier on data that showed a bigger-than-expected drop in American consumer confidence in December, spurring worries about flagging consumer spending causing a U.S. recession.

Benchmark 10-year Treasuries prices were 2/32 higher in price, compared with being down by 2/32 before the confidence data and Reid’s remarks.

The 10-year yield was 1.742 percent, down 0.7 basis point from late on Wednesday.

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