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AUSTRALIAN BONDS RALLY AT OPEN - FEB 1, 2007.
SYDNEY, Feb 1 Asia Pulse - The Australian bond market rallied overnight to open firmer as US Treasury yields fell after US Federal Reserve left interest rates on hold.
At 0900 AEDT, the yield on the Commonwealth Government February 2017 bond was at 5.900 per cent from yesterday's close of 5.935 per cent, while the yield on the August 2010 bond was at 6.050 from 6.070.
On the Sydney Futures Exchange, the March 10-year bond futures contract price was at 94.090 from yesterday's close of 94.060, while the three-year contract price was at 93.955 from 93.930.
In a unanimous decision, the Federal Reserve Open Market Committee (FOMC) left the cash rate at 5.25 per cent for the fifth consecutive time.
Commonwealth Bank senior economist Michael Workman said the central bank kept its tightening bias, saying inflation risks remain.
"The Fed expects the economy to expand at a moderate pace and also expects inflation pressures to moderate over time," he said.
The FOMC said that readings on core inflation have improved modestly in recent months and inflation pressures seem likely to moderate over time.
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Source: HighBeam Research, AUSTRALIAN BONDS RALLY AT OPEN - FEB 1, 2007.