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Treasurys rise after service sector slowdown
The price of the 10-year Treasury bond
rose 19 cents per $100 invested in Wednesday trading. Its yield, which
moves in the opposite direction, fell to 3.23 percent from 3.26 percent
late Tuesday.
The Institute for Supply Management said the U.S
economy's service sector, which employs 90 percent of the U.S.
workforce, grew last month at the slowest rate since August due to a
decline in demand for their services. That sparked worries that higher
gas and food prices may be weakening growth.
The report bolsters
the case for the Federal Reserve to maintain its loose monetary policy
of keeping interest rates low to fuel the economy.
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