Treasury Bond Futures Off
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Treasury bond futures retreated sharply for the third consecutive session on Thursday, reflecting the belief that the economy may be picking up a little steam.
Bonds lost a full point or more during each of the sessions and the September delivery settled Thursday at 96 22/32 points, down 1 point.
In some other markets, soybeans, wheat and cattle futures declined while hogs and corn moved higher.
The action in Treasury bonds at the Chicago Board of Trade was mostly a continuation of a market psychology that developed Wednesday when government reports indicated larger increases than expected in orders for durable goods and a pickup in personal income during June.
Neither was extraordinary nor crucial, said Larry Morgan, an analyst in Chicago with Dean Witter Reynolds Inc. But taken together, along with remarks by Federal Reserve Chairman Paul Volcker, they set the bearish tone, he said.
“Prices eroded slowly again on Thursday, then when it became clear there would be no recovery, new selling came in,” Morgan said.
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