Priya Misra News
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A newly elected Democratic president pushes a controversial tax increase through Congress without a single Republican vote. A veteran Federal Reserve chairman holds short-term interest rates at record lows. And the economy struggles to recover from a financial crisis.
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Treasuries gained for a second straight week as investors sought safety on speculation financial turmoil in Cyprus would worsen Europe’s three-year-old sovereign-debt crisis.
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As President Barack Obama starts his second term, the bond market is already telling him that the administration’s forecasts for economic growth over the next four years are too optimistic.
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Treasury 10-year note yields will increase as much as 72 basis points from the lowest level since April 2009 by year-end as the U.S. economy avoids a double-dip recession, according to Bank of America Corp.
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Federal Reserve policy makers will probably announce in September a third round of bond purchases under quantitative easing to spur U.S. economic growth, according to Bank of America Corp.
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The biggest Treasury rally in five months is underlining market concern that President Barack Obama and House Republicans will fail to avert $607 billion in mandated spending cuts and tax increases starting Jan. 1.
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U.S. stocks rose on better-than- forecast earnings from companies including Pfizer Inc. and Valero Energy Corp., returning benchmark indexes to five-year highs. Oil helped lead a rally in commodities as global reports boosted economic confidence, while the dollar fell.
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Treasuries fell, pushing 10-year note yields higher for the first in five weeks, on optimism President Barack Obama and lawmakers will reach an agreement to avert the so-called fiscal cliff, damping refuge demand.
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Treasury 30-year bond yields dropped, trading at almost the least in a month, as Spanish Prime Minister Mariano Rajoy said he has no plans to request financial assistance in the near term.
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Bank of America Corp. cut its forecast for 10-year Treasury yields for the third quarter, saying that worsening economic conditions will prompt the Federal Reserve to add to stimulus efforts.
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