prompting treasury yields to tumble and spread product to tighten. The 114.3 index reading was in direct contrast to the expectation for an increase to 117.5 and the July reading of 116.3. U.S. Treasuries started the day well bid as a holdover from very good buying by Far East accounts in the overnight session. The surprise drop in consumer confidence had the immediate effect of pushing treasuries to progressive new intraday highs. Equities were distressed at the low confidence data and began to move lower immediately. This gave the cash market an enormous flight-to-quality bid which held throughout the session. Treasuries came off their best levels in mid afternoon amidst chatter of profit taking. Nevertheless, treasuries had a remarkably positive day with yields ending lower across the curve.