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Rates May Not Budge Just Yet, Which Leads To Bonds' Advance.(B)
By Reuters
Treasuries rose on Wednesday as stock markets slumped lower after Federal Reserve Chairman Alan Greenspan quashed hopes he would signal an immediate interest rate cut to revive a stalled economy.
Greenspan, testifying to the House of Representatives, left little doubt that risks of excessive economic weakness warranted even lower borrowing costs even after the Fed twice slashed borrowing costs in January.
C R E D I T M A R K E T S
But financial markets had bubbled with speculation that Greenspan would signal that conditions were so weak that the Fed was likely to lower rates wellbefore its next scheduled policy meeting on March 20.
"There was certainly no smoking gun here that says an intermeeting rate cut is going to occur," said Alan Ruskin, research director at 4Cast Ltd.
Short-term Treasury notes, which had rallied since last week as dealers bet a rate cut was imminent, initially sagged as Greenspan said the economy was skewed toward further weakness, but that the dramatic slowdown of late 2000 was"less evident" in January and February.
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