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800-634-3194(March 26, 2002) FINANCIAL INSTRUMENTS: U.S. TREASURY BONDS--Dallas Fed President Robert McTeer said recently he was "not in a hurry" for rates to rise, generating a solid rally in the bonds. Bottom fishers in search of bargains were also said to be out in force today as well, offering solid support on dips. The consumer confidence number jumped to 110.2 for March, versus 95 in February, the largest jump in 25 years. This pressed the market a bit, but comments from Lehman Brothers economist Drew Matus soothed the jangled nerves of bond traders when he pointed out "So while consumers may feel better about the economy, it may not translate into additional spending..." The chart suggests a near-term low may have formed and that a rally to near 100.28 may be in the cards. We'll see.
M. Steven Morgan www.commodityreview.com
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