RPT-TREASURIES-Benchmark U.S. yield again eases from one-year high - Reuters

 (Repeats to additional subscribers)
    By Chuck Mikolajczak
    NEW YORK, March 1 (Reuters) - Benchmark U.S. Treasury yields
eased for a second consecutive session on Monday after climbing
to a one-year high last week as Federal Reserve officials
continued to downplay runaway inflation concerns, but a round of
solid economic data curbed the decline.  
    Federal Reserve Bank of Richmond Thomas Barkin told the Wall
Street Journal that while there is "daylight on the horizon" for
the U.S. economy, he does not see inflation rising to
problematic levels.
    "The market is digesting that the Fed is fully aware that
inflation will be higher in the short-term; it is not a
surprise," said Jim Barnes, director of fixed income at Bryn
Mawr Trust in Devon, Pennsylvania. 
    "The fact the market is now back in line with the Fed and
the Fed's views, it will limit the volatility we saw from last
week." 
    Last week, the yield on the 10-year Treasury note
 hit a one-year high of 1.614%, sparked by rising
expectations of an improving economy, inflation concerns and a
weak 7-year auction. Even with the recent pullback, it is still
up about 50 basis points on the year. 
    Despite the concerns sparking volatility, Morgan Stanley
strategist Vishwanath Tirupattur argued in a note on Sunday that
"higher real yields along with rising inflation expectations
created an environment where yields are rising for good
reasons." 
    The 10-year yield briefly moved higher after a report from
the Institute for Supply Management showed manufacturing
activity in February was at a three-year high. Commerce
Department data showed construction spending for January rose
1.7%, more than double the expected 0.8% increase.

    Benchmark 10-year notes last rose 10/32 in price
to yield 1.4238%, from 1.456% late on Friday.
    Still, the longer dated 30-year bond last fell
15/32 in price to yield 2.204%, from 2.182% late on Friday,
reflecting cautiousness.
    

  March 1 Monday 10:51AM New York / 1551 GMT
                               Price                  
 US T BONDS JUN1               159-15/32    0-8/32    
 10YR TNotes JUN1              133-64/256   0-136/25  
                                            6         
                               Price        Current   Net
                                            Yield %   Change
                                                      (bps)
 Three-month bills             0.04         0.0406    0.000
 Six-month bills               0.055        0.0558    0.005
 Two-year note                 99-251/256   0.1348    -0.010
 Three-year note               99-142/256   0.2762    -0.032
 Five-year note                98-240/256   0.7169    -0.059
 Seven-year note               100-24/256   1.111     -0.064
 10-year note                  97-60/256    1.4238    -0.032
 30-year bond                  92-208/256   2.204     0.022
                                                      
   DOLLAR SWAP SPREADS                                
                               Last (bps)   Net       
                                            Change    
                                            (bps)     
 U.S. 2-year dollar swap         9.50        -0.25    
 spread                                               
 U.S. 3-year dollar swap        11.75        -0.25    
 spread                                               
 U.S. 5-year dollar swap        10.75         2.00    
 spread                                               
 U.S. 10-year dollar swap        7.25         1.50    
 spread                                               
 U.S. 30-year dollar swap      -26.00         2.75    
 spread                                               
 












 (Reporting by Chuck Mikolajczak; Editing by Dan Grebler)
  

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