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Treasury Bond Prices Fall

July 7, 1998

NEW YORK (AP) _ Treasury bond prices were lower at midday, pushing 30-year bond yields up from record lows a day earlier.

The price of the Treasury’s main 30-year bond was off 9-32 point, or $2.81 1/4 per $1,000 in face value, around midday, while its yield rose to 5.59 percent from 5.57 percent late Monday. Prices and yields move in opposite directions.

Monday’s closing yield was the lowest since the government began regular auctions of 30-year bonds in 1977.

Yields on three-month Treasury bills rose to 5.07 percent as the discount gained 0.01 percentage point to 4.95 percent compared with Monday’s auction levels. Six-month yields rose to 5.23 percent as the discount gained 0.02 percentage point to 5.04 percent from Monday’s auction. One-year yields rose to 5.33 percent as the discount added 0.01 percentage point to 5.07 percent.

Yields are the interest bonds pay by maturity, while the discount is the interest at which they are sold.

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