Fed Helps Treasurys Recover
NEW YORK--Long-dated U.S. Treasurys pushed into their fourth-straight winning session after details from the Federal Reserve's latest policy meeting showed more monetary support is ready in the wings should the economic recovery falter.</br></br>Minutes from the April Federal Open Market Committee meeting revealed "several members" acknowledging that more stimulus could be necessary if the recovery loses momentum. While recent remarks by individual Fed officials show a pullback in views that further action will be needed, market participants seemed to take comfort in the fact that the Fed stands ready to act if the recovery slows.</br></br>"The burden of proof remains on the recovery to prove the need for less stimulus," said TD Securities economist Millan Mulraine.</br></br>Treasury prices on longer-dated notes and bonds jumped into positive territory after the minutes, pushing 10-year yields to a new 2012 low of 1.748% at one point.</br></br>In late-afternoon trading, the 10-year note gained 5/32 in price to yield 1.760%. The 30-year bond rose 19/32 to yield 2.901%, while two-year notes were flat to yield 0.286%. Bond prices move inversely to their yields.