Flight to Quality Slowing?

The Federal Reserve's decision to cut the discount rate has rolled back slightly the first notable flight to quality into Treasuries since the market's liquidity crunch began.The long-term, rate-indicative yield on the 10-year Treasury note had inched up to about 4.68% Friday morning from roughly 4.60% on Thursday afternoon, according to Yahoo Finance. The benchmark yield had been falling slowly from a level near 4.80% since credit began tightening in the mortgage and leveraged finance sectors of the market, but it had not made a significant move until Thursday when concerns emerging at mortgage industry giant Countrywide caused it to plunge.