Treasurys Fall After Hitting New Highs Earlier |
| Wall Street Journal - Aug 20, 2010 |
An overnight and early morning rally in Treasurys petered out over the rest of the day Friday, with prices below Thursday's close as investors prepared for $109 billion in government bond auctions next week.
"Without any data today to respond to, we saw a bit of position adjusting for next week's supply, and with prices as high as they are and yields so low, it was bound to correct a bit," said John Spinello, Treasury bond strategist at Jefferies & Co. He added, however, that the broad theme of the past week, in which an across-the-board decline in yields has been led by concentrated buying of 30-year bonds and a so-called flattening in the yield curve, remained in place.
As of 4 p.m. EDT, the benchmark 10-year Treasury note was 11/32 lower to yield 2.616%, and the 30-year bond was 3/32 to yield 3.658%. The two-year note was down 1/32 to yield 0.499%. Bond prices move inversely to yields.
Overnight, the two-year note's yield hit a record low of 0.455% overnight and the benchmark 10-year note's yield earlier touched 2.531%, the lowest level since March 2009. The 30-year bond's yield earlier hit 3.595%, the weakest level since April 2009.
Read Full Article from Wall Street Journal
- Posted: 2010-08-20 22:17:41
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
