Treasurys Fall for Third Day in a Row --- Initial Reports on the War Will Help Shape Outlook For Market, Analysts Say
NEW YORK -- Treasurys ended lower for a third straight day as investors braced for war in Iraq.</br></br>Government securities are viewed as a safe haven at uncertain times, and Treasurys have been losing ground since Monday, when investors decided that war looked inevitable and began wagering that it would be a short one.</br></br>But analysts said the market's outlook would depend largely on initial reports on the conlict.</br></br>"I think the downside [for prices] is somewhat limited from here in the short term," said Tony Crescenzi, chief bond-market strategist at Miller Tabak & Co. in New York. He cautioned that much depends on the developments after troops move into Iraq. "Yields will move up only if there are no complications on the ground," he said.</br></br>At 4 p.m., the benchmark 10-year note was down 18/32 point, or $5.63 per $1,000 face value, at 99 4/32. Its yield rose to 3.983% from 3.914% Tuesday, as yields move inversely to prices.