Washington -- A 3/4 point hike in short-term interest rates by the Federal Reserve yesterday failed to do much for Treasury bond prices, as bill and more prices sank.

Exceeding many analysts' expectations, Fed officials raised the federal funds are to 5.50% from 4.75% and the discount rate to 4.75% from 4.00%, citing "persistent strength in economic activity and high and rising levels of resource utilization.

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