Commodities for Thursday, May 16, 1985 : Treasury Bonds Post Gain
CHICAGO — Treasury bond futures posted their second significant advance of the week Thursday on the Chicago Board of Trade.
The move came one day after Bankers Trust of New York lowered its prime lending rate by half a percentage point to 10%, the lowest level since 1978.
Treasury bond futures, which move inversely to interest rates, traded Thursday at their highest price in two years.
Richard Sandor, vice president in Chicago with Drexel Burnham Lambert, said strong demand from dealers helped support prices.
He noted also that there was “considerable talk about buying interest coming out of the Far East for fixed income securities.”
“There’s a continued belief that the Fed (the Federal Reserve Board) must ultimately be somewhat accommodative (in its credit stance) in view of the problems with the savings and loan institutions,” he said.
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