Long-term Treasury prices shot higher yesterday on the news of a sharp drop in July consumer confidence, and the rally pushed the 30 year yield below 7 1/2% for the first time since January.

Late yesterday, the long bond was up a full point and yielded 7.43%. That yield is not far from the 30-year bond's lowest close this year, the 7.38% posted on Jan. 8.

Traders said yesterday's activity was concentrated in the long end, as the further evidence of economic

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