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.

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