US government debt prices off on euro zone hopes |
| Reuters - Jul 21, 2011 |
U.S. Treasury prices fell on Thursday on optimism that a draft plan by euro zone leaders to tackle the problems of heavily indebted countries will temper concerns about imminent defaults in the region.
Losses were extended and yields rose to session highs after data showed that factory activity in the U.S. Mid-Atlantic region bounced back in July, lifting hopes that the U.S. economy's health may not be as bad as feared.
The combination of European and U.S. news curbed the safety bid for government bonds.
Euro zone leaders were set to give their financial rescue fund sweeping new powers to prevent contagion and help Greece overcome its debt crisis, according to the draft conclusions of an emergency summit on Thursday. For more, see [ID:nL6E7IK2VL]
"It's a little more positive coming out of the EU summit. It's just a little risk off for Treasuries," said Justin Lederer, interest rate strategist at Cantor Fitzgerald in New York.
Read Full Article from Reuters
- Posted: 2011-07-21 10:48:00
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