President Clinton's economic plan scraped out a victory in the House of Representatives last Thursday night, and his narrow win was a plus for the bond market.

The market didn't think so on Friday, and the 30-year Treasury bond by early afternoon had dropped 23/32 to raise its yield to 6.98% from 6.92% on Thursday. That was the immediate response, but there are too many political chapters still to be written over the next several months to reach any firm long-term conclusions. The important point is that there is movement in Washington.

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