US bonds climb further on Fed's bond-buy program

U.S. Treasuries rose on Thursday as the market continued to digest the Federal Reserve's announcement on Wednesday that it will buy Treasuries, which prompted the biggest single-day drop in benchmark yields since 1987.

The Fed said on Wednesday it would buy up to $300 billion of longer-dated Treasuries over the next six months in an attempt to boost the economy, and the benchmark yield promptly shed nearly 50 basis points.

"We are still feeling the after-effects of that," said Kim Rupert, managing director of global fixed income analysis at Action Economics LLC in San Francisco, adding: "Treasuries still have a solid bid at these new, higher (price) levels."

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- Posted: 2009-03-19 08:38:35

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