The Treasury bond market recovered some of last week's losses in advance of Federal Reserve Chairman Alan Greenspan's scheduled testimony before Congress.

The 30 year Treasury gained nearly a half point on Monday, pushing the yield down to 5.71%. Greenspan addresses the Senate Banking Committee today and a House banking subcommittee on Wednesday. Analysts say it appears that the market is not expecting Greenspan to indicate any change in course for short term interest rates.

Mortgage rate averages were unchaged Monday, with the 30 year fixed rate stuck at 6.86%. The 15 year fixed rate and 1 year ARM averages remained at 6.54% and 5.63% respectively.

In the stock market, the Dow Jones Industrial Average fell over 42 points while the NASDAQ Composite index was up slightly to another record close. Internet stocks were particularly strong.

Published: July 21, 1998

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