Gary Siegel

The Federal Open Market Committee has been “bold and aggressive” and is “prepared to do more as needed,” Federal Reserve Board Chairman Ben Bernanke said Wednesday.

Most members of the Federal Open Market Committee believe rates should stay near zero until 2014, with few expecting rates to rise before then, according to projected policy paths released by the Fed Wednesday.

The Treasury Department auctioned $35 billion of five-year notes, with a 7/8% coupon, a 0.887% high yield, a price of 99.941438.

Service sector activity “flattened overall” in April, according to the Federal Reserve Bank of Richmond’s service-sector activity survey, released Tuesday.

Manufacturing activity in the Federal Reserve Bank of Richmond region strengthened in April, according to the monthly business activity survey by the bank.

The consumer confidence index dipped to 69.2 in April from a downwardly revised 69.5 last month, the Conference Board reported Tuesday.

The Treasury Department Tuesday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.270% yield, a price of 99.960135.

The Treasury Department Tuesday auctioned $30 billion of four-week bills at a 0.075% high yield, a price of 99.994167.

Service sector activity “flattened overall” in April, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

“Manufacturing activity in the central Atlantic region advanced somewhat faster in April following slightly slower growth in March,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond. “A significant increase in the shipments component pushed the overall index higher, while employment grew at a rate above March's pace and growth in new orders held nearly steady. Most other indicators also suggested solid activity. District contacts reported capacity utilization grew more quickly, while backlogs grew more slowly. In addition, manufacturers reported that delivery times lessened, while inventories grew at a somewhat higher rate.”

The consumer confidence index dipped to 69.2 in April from a downwardly revised 69.5 last month, The Conference Board reported Tuesday.

The Treasury Department said Monday it will sell $30 billion of four-week discount bills Tuesday.

Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.080% high rate, unchanged from 0.080% the previous week, and the six-months incurred a 0.130% high rate, off from 0.135% the week before.

Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.080% high rate, unchanged from 0.080% the prior week, and the six-months incurred a 0.130% high rate, off from 0.135% the week before.

The Treasury Department said Monday it will sell $30 billion of four-week discount bills Tuesday.

The region’s manufacturing sector expanded modestly in April at a slower pace than in March, as the general business conditions index slipped to 8.5 from 12.5 in March, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.

The composite index of leading economic indicators rose 0.3% in March following an unrevised 0.7% gain in February, the Conference Board reported Thursday.

The Treasury Department Thursday auctioned $16 billion of five-year inflation-indexed notes with a 0.125% coupon, a negative 1.080% high yield, an adjusted price of 106.389051.

The Treasury Department said it will auction $35 billion two-year notes on Tuesday, April 24, and $35 billion five-year notes on Wednesday, April 25.

The Treasury Department said it will auction $29 billion seven-year notes on Thursday, April 26.