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Bonds Rally After Report of Buyback

March 15, 2000|Bloomberg News

Government bonds staged their biggest rally Tuesday in almost five weeks after the Treasury Department said it will buy back $1 billion of the securities Thursday. The benchmark 30-year yield fell to 6.09%, from 6.16% on Monday.

The announcement of the buybacks, so soon after last week's initial round--which was the first such purchase in 70 years--"has been a comfort to the market," said Bob Alley of AIM Advisors Inc. in Houston. In addition, "some people are taking equity money off the table to tone down the volatility" of their portfolios, and investing in fixed-income securities, he said.

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