Bonds Rise On Fed Comments
In today’s economic news
the Institute of Supply Management reported service
sector growth accelerated in March
(report).
The Energy Department’s EIA reported crude oil inventories rose, while gasoline
inventories fell last week (report).
Treasuries closed higher despite the ISM report, boosted by comments by Thomas
Hoenig, head of the Kansas City Fed, that interest rates may not need to be
raised much higher. The news helped bond prices rise across all maturities.
However, the Dollar moved in the opposite direction as the prospect of higher
rates diminished.
Crude Oil, Unleaded Gas and Heating Oil rose after today’s EIA report. Natural
Gas closed flat.
ISM Services Index at 60.5 for March (report)
EIA: Crude Oil Inventories up 2.1 Mln. Barrels; Gasoline Inventories down 4.4
Mln. (report)
Ashton Dorkins
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