30-Year Paper Sells For Under 8%

Hold your breath. Thirty-year money for the government now costs 7.91 per cent! This is the secondary market price of the 30-year bond, minutes after it was auctioned today. At the auction, the cut off yield was set at 7.95 per cent.

The last 30-year government paper was floated in 1985 but the coupons of the two papers can