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U.S. corporate junk-bond spread narrows, lowest since 2007
  + stars: | 2021-06-17 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
REUTERS/Lucas JacksonCHICAGO, June 17 (Reuters) - The yield spread between junk-rated corporate bonds and U.S. Treasuries tightened further late on Wednesday, falling to its lowest level in more than a decade as yield-hungry investors snapped up risky debt. On the ICE BofA U.S. High Yield Index (.MERH0A0), a commonly used benchmark for the junk bond market, the spread dipped to 312 basis points, the lowest since July 2007. That was down from the prior day's 317 basis points, which was the lowest since October 2018. The yield spread on the ICE BofA U.S Investment Grade Index (.MERC0A0) has also contracted, reaching its lowest level since February 2007 this week. The last time junk-bond spreads were this low was in July 2007, not long before the global financial crisis totally upended the perception of risk, catapulting the high-yield premium over Treasuries above 2,000 basis points by December 2008 and the investment-grade corporate bond premium above 600 basis points.
Persons: Lucas Jackson CHICAGO, Treasuries, Karen Pierog, Alden Bentley, Catherine Evans Organizations: New York Stock Exchange, REUTERS, ICE, U.S, Thomson Locations: New York, U.S
Goldman moves up forecast for U.S. rate hike but not fully convinced
  + stars: | 2021-06-17 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
June 17 (Reuters) - Goldman Sachs has adjusted its forecast for the timing of the first post-pandemic interest rate hike by the U.S. Federal Reserve to 2023, in line with the latest projection by central bank policymakers. On Wednesday, a majority of Fed policymakers moved up projections for commencing interest rate hikes from 2024 to 2023, with two quarter-point interest rate increases projected that year. At the same time, the median projection for core personal consumption expenditure (PCE) inflation was steady at 2.1% in 2023. Goldman Sachs said the Fed “appears to be more firmly focused on the backward-looking average level of inflation this cycle than we expected” and that has implications for future interest rate policy decisions. (Reporting By Karen Pierog; Editing by Alden Bentley and David Gregorio)
Persons: Goldman Sachs, Goldman, , Karen Pierog, Alden Bentley, David Gregorio Organizations: U.S . Federal Reserve
U.S. 10-year bond yields are back above 1.5%, near two-week highs , while Germany's Bund yield hit a three-week peak at around -0.15% on Thursday. Such forces may also help explain why bond markets have proven resilient as inflation, the enemy of fixed income, rises. SHRINKING SUPPLYThis is happening at a time when unusual - albeit temporary - factors in the United States are keeping government bond yields lower than they otherwise would be, experts say. As of June 9, its cash balance was around $670 billion, versus $1.8 trillion last October. read moreThat excess cash crushes yields on short-dated money market instruments, weighing on government bond yields.
Persons: Frederik Ducrozet, Patrick Krizan, Robin Brooks, David Kelly, Josh Lohmeier, Dhara Ranasinghe, Karen Pierog, Tommy Wilkes, Pravin Organizations: U.S . Federal Reserve, Wealth Management, European Central Bank, Germany, ECB, ING, Bond, Allianz Research, U.S . Treasury, Institute of International Finance, Fed, JPMorgan Funds, Investment Company Institute, Thomson Locations: U.S, Britain, Europe, United States, London, Chicago
TREASURIES-Yields rise as Fed eyes earlier start to rate hikes
  + stars: | 2021-06-16 | by ( Karen Pierog | ) www.reuters.com + 0.00   time to read: +2 min
The benchmark 10-year yield was last up 5.6 basis points at 1.555%, its highest level in a week. The Fed raised the interest it pays on excess reserves (IOER) to 0.15% from 0.1% and the rate on overnight reverse repurchase agreements to 0.05% from 0%. The two-year Treasury yield was last 3 basis points higher at 0.1971%. A closely watched part of the yield curve that measures the gap between yields on two- and 10-year Treasury notes was last about 3 basis points steeper at 135.31 basis points. The yield curve between five-year notes and 30-year bonds flattened by about 8.52 basis points to 132.01 basis points.
Persons: Karen Pierog CHICAGO, Karen Pierog, Leslie Adler Organizations: Fed, Treasury, Federal Reserve Locations: New York
read more"The Fed is getting some traction on its message that the inflation pressures are transitory," said Colin Asher, senior economist at Mizuho in London. Fed officials have repeatedly tamped down fears of inflation running persistently higher than its 2% target, while pointing out they have tools to keep it under control. The statement following the Fed policymakers' regular meeting next week and comments from Fed Chair Jerome Powell will be closely watched for the central bank's latest view on inflation. A widely watched barometer of inflation expectations, the breakeven inflation rate (BEI) for 10-year Treasury Inflation Protected Securities , measuring the difference between 10-year TIPS real yields and the 10-year note yield, was at 2.35%, near a two-month low of 2.326% hit on Wednesday. That indicates that markets do not see inflation averaging much over the Fed's 2% target over the next decade.
Persons: Colin Asher, Jerome Powell, Peter Rutter, Joseph LaVorgna, Mark Grant, Organizations: Federal, Treasury, Thursday's Labor Department, Mizuho, Fed, Royal London Asset Management, Securities, Riley, Labor Department, Thomson Locations: U.S, London, Americas, New York, Fort Lauderdale , Florida
"The Fed is getting some traction on its message that the inflation pressures are transitory," said Colin Asher, senior economist at Mizuho in London. Fed officials have repeatedly tamped down fears of inflation running persistently higher than its 2% target, while pointing out they have tools to keep it under control. The statement following the Fed policymakers' regular meeting next week and comments from Fed Chair Jerome Powell will be closely watched for the central bank's latest view on inflation. A widely watched barometer of inflation expectations, the breakeven inflation rate (BEI) for 10-year Treasury Inflation Protected Securities , measuring the difference between 10-year TIPS real yields and the 10-year note yield, was at 2.35%, near a two-month low of 2.326% hit on Wednesday. That indicates that markets do not see inflation averaging much over the Fed's 2% target over the next decade.
Persons: Colin Asher, Jerome Powell, Peter Rutter, Joseph LaVorgna, Mark Grant, Organizations: Federal, Treasury, Thursday’s Labor Department, Mizuho, Fed, Royal London Asset Management, Securities, Riley, Labor Department, Thomson Locations: U.S, London, Americas, New York, Fort Lauderdale , Florida
TREASURIES-Yields fall, curve flattens after May jobs report
  + stars: | 2021-06-04 | by ( Karen Pierog | ) www.reuters.com + 0.00   time to read: +3 min
The benchmark 10-year yield, which had its biggest basis-point drop since April 15, fell to its lowest level since May 26 at 1.557%. The 30-year yield slid as low as 2.233% and was last down 6.1 basis points at 2.2341%. The closely watched yield curve between two- and 10-year Treasury notes flattened with the gap between the yields at its lowest since May 26. The two-year Treasury yield was almost a basis point lower at 0.1507%. The yield on 30-year Treasury Inflation-Protected Securities closed at -0.077%, its lowest closing point since mid-February, according to Tradeweb.
Persons: Karen Pierog CHICAGO, Andrew Richman, Gennadiy Goldberg, Richman, Karen Pierog, Karen Brettell, Alden Bentley, Matthew Lewis Organizations: Treasury, U.S . Labor Department, Reuters, Sterling Capital Management, Securities, U.S . Federal Reserve, Treasury Department Locations: New York, Tradeweb, Chicago
TREASURIES-Yields rise as market awaits May jobs report
  + stars: | 2021-06-03 | by ( Karen Pierog | ) www.reuters.com + 0.00   time to read: +4 min
The benchmark 10-year yield was last up 3.4 basis points at 1.625%. The spread between five-year notes and 30-year bonds was last 2.16 basis points flatter at 145.53 basis points. Thursday's ADP National Employment Report showed private payrolls increased by 978,000 jobs last month, the biggest increase since June 2020. The two-year Treasury yield was 1.3 basis points higher at 0.1604%. A closely watched part of the yield curve that measures the gap between yields on two- and 10-year Treasury notes was last about 2 basis points steeper at 146.11 basis points.
Persons: Karen Pierog CHICAGO, Justin Lederer, Cantor Fitzgerald, Jim Vogel, Karen Pierog, Andrea Ricci, Jonathan Oatis Organizations: Treasury, U.S, U.S . Labor, Financial, Reuters, Labor Department, Institute, Supply, Treasury Department Locations: New York, U.S . Federal, Memphis , Tennessee
Fed reverse repo volume hits record high
  + stars: | 2021-05-27 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
May 27 (Reuters) - The amount of cash flowing into the U.S. Federal Reserve’s reverse repurchase (RRP) facility hit an all-time high of $485 billion on Thursday, further pressuring key short-term interest rates, which could fall below zero. The amount of money cash-heavy financial institutions have been loaning the central bank overnight at 0% interest has been ratcheting higher since March. The record amount accepted by the New York Fed for Thursday’s RRP operation was up from Wednesday’s $450 billion and exceeded a previous high of $474.6 billion on Dec. 31, 2015, according to data from TD Securities. The Fed launched its reverse repo program in 2013 to soak up extra cash in the repo market and create a strict floor under market rates, particularly its policy rate. Eligible counterparties lend cash to the Fed in return for Treasury collateral on an overnight basis.
Persons: Karen Pierog Organizations: U.S, New York Fed, TD Securities, Fed Locations: U.S . Federal
The benchmark 10-year Treasury yield fell to a two-week low of 1.56% and was last down 4 basis points at 1.562%. The 30-year yield, which tumbled to its lowest since May 7 at 2.255%, was last 4 basis points lower at 2.256%. "Overall, the stats generated by the auction were very, very strong," Tom Simons, money market economist at Jefferies, wrote in a market report. The two-year Treasury yield was last down 1 basis point at 0.143%. The yield curve flattened for a fourth straight session, as investors bought the long end of the curve on the view that price pressures would be stable for the rest of the year.
Persons: Gertrude Chavez, Dreyfuss, Karen Pierog, Tom Simons, Governor Lael Brainard, Jerome Powell, Ellis Phifer, Raymond James, Mark Heinrich, Steve Orlofsky, Andrea Ricci Organizations: Treasury, Jefferies, U.S . Federal, Governor, Fed Locations: Memphis , Tennessee, New York, Chicago
The benchmark 10-year Treasury yield fell to its lowest level since May 10 at 1.564% following the auction. It was last down 4.1 basis points at 1.5672%. The 30-year yield, which tumbled to its lowest since May 7 at 2.263%, was last 3.6 basis points lower at 2.2654%. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last down less than a basis point at 0.1453%. A closely watched part of the yield curve that measures the gap between yields on two- and 10-year Treasury notes was last 3.17 basis points flatter at 141.82 basis points.
Persons: Gertrude Chavez, Dreyfuss, Karen Pierog, Tom Simons, Governor Lael Brainard, Jerome Powell, Ellis Phifer, Raymond James, Mark Heinrich, Steve Orlofsky Organizations: Treasury, Jefferies, U.S . Federal, Governor, Fed Locations: Memphis , Tennessee, York, New York, Chicago
It was last 4.4 basis points higher at 2.28%. Nonfarm payrolls increased by only 266,000 jobs last month after rising by 770,000 in March, the Labor Department reported. It was last 6.87 basis points steeper at 150.60 basis points. The most closely watched part of the yield curve that measures the gap between yields on two- and 10-year Treasury notes was about 2 basis points steeper at 143.20 basis points. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last 1 basis point lower at 0.1468%.
Persons: Karen Pierog CHICAGO, Nonfarm, it's, Andrew Richman, John Canavan, " Canavan, Richman, Karen Pierog, Ann Saphir, Kate Duguid, Sonya Hepinstall Organizations: Treasury, Labor Department, Reuters, Sterling Capital Management, Oxford Economics, Securities, U.S . Treasury Locations: New York
TREASURIES-Yields dip as inflation expectations spike
  + stars: | 2021-05-05 | by ( Karen Pierog | ) www.reuters.com + 0.00   time to read: +4 min
The breakeven rate on 10-year Treasury Inflation-Protected Securities (TIPS) topped 2.47%, its highest level since April 2013, indicating the markets sees inflation averaging closer to 2.5% a year for the next decade. The benchmark 10-year yield was last down 1 basis point at 1.5819%, holding below a 14-month high of 1.776% reached on March 30. Tony Rodriguez, head of fixed income strategy at Nuveen, pointed to the potential that job gains well above or below expectations could move the range-bound Treasury market. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last less than a basis point lower at 0.1546%. A closely watched part of the yield curve that measures the gap between yields on two- and 10-year Treasury notes was little changed at 142.37 basis points.
Persons: Karen Pierog CHICAGO, Ben Jeffery, Eric Rosengren, Jeffery, Tony Rodriguez, Rodriguez, Karen Pierog, Kirsten Donovan, Chizu Organizations: Treasury, Federal, Securities, BMO Capital Markets, Institute for Supply Management, Federal Reserve Bank, Reuters, U.S . Labor Department, ADP, Treasury Department Locations: New York
TREASURIES-Yields pulled lower as risk appetite wanes
  + stars: | 2021-05-04 | by ( Karen Pierog | ) www.reuters.com + 0.00   time to read: +3 min
(Recasts, updates yields; adds analyst comments, Yellen remarks) By Karen Pierog May 4 (Reuters) - A safe-haven bid helped push U.S. Treasury yields lower on Tuesday, while U.S. Treasury Secretary Janet Yellen warned that rates may need to rise to keep the economy from running too hot. The benchmark 10-year yield was last down 1 basis points at 1.5959%, holding below a 14-month high of 1.776% reached on March 30. Goncalves said the upcoming April employment report could shake up the current "holding pattern" in the Treasury market. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last less than a basis point higher at 0.1624%. The yield on 10-year Treasury Inflation-Protected Securities fell to its lowest level since February at -0.868%.
Persons: Yellen, Karen Pierog, Janet Yellen, George Goncalves, Goncalves, " Goncalves, There's, Bill Merz, Nick Macfie, Will Dunham Organizations: Treasury, U.S, Nasdaq, U.S . Treasury, Bank Wealth Management, Securities Locations: New York, U.S
April 30 (Reuters) - The U.S. Treasury Department is expected to keep the sizes of debt auctions unchanged for a second-consecutive quarter when it announces its quarterly refunding next week, analysts said. “Certainly, (auction sizes) don’t need to get bigger. Treasury issuance raised a total of $4.28 trillion in net cash last year, according to Securities Industry and Financial Markets Association (SIFMA) data. In February, the Treasury pegged its second quarter borrowing needs at $95 billion in net marketable debt assuming an end-of-June cash balance of $500 billion. Net cash raised from Treasury debt sales in 2021’s first quarter was $400.7 billion, down from $597.4 billion in 2020’s fourth quarter, SIFMA data showed.
Persons: , Tom Simons, , they’ll, Zachary Griffiths, Wells, “ They’ll, Gennadiy Goldberg, Simons, Joe Biden’s, Organizations: U.S . Treasury, Treasury, Jefferies, Securities Industry, Financial Markets Association, Securities, American, Jobs, Plan, Analysts Locations: New York, Charlotte , North Carolina
U.S. states, cities await guidelines on spending stimulus
  + stars: | 2021-04-26 | by ( Karen Pierog | ) www.reuters.com + 0.00   time to read: +3 min
U.S. Treasury Department guidance is also expected to clarify states’ ability to cut taxes and may address using stimulus money to pay off debt. “There’s just this wide berth of interpretation in the (legislative text) and that’s why we’re a little anxious to see if the Treasury guidance makes limitations or if it allows for greater opportunity,” she said. Brock added that several state legislatures are talking about using stimulus money to pay off outstanding debt, a move not addressed in the act. The latter prohibition sparked five lawsuits against the Biden administration by Republican attorneys general in several states. U.S. Treasury Secretary Janet Yellen has said nothing in the act prevents tax cuts and that further guidance would be forthcoming.
Persons: Joe Biden, , Mark Ritacco, Emily Swenson Brock, , Brock, Jennifer Sciortino, J.B, Pritzker, Biden, Janet Yellen Organizations: . Treasury Department, National Association of Counties, U.S . Treasury, Governments, Government Finance, Federal Liaison Center, Illinois, U.S, U.S . Federal, Bills, National Conference of State Legislatures, Treasury Locations: . New Jersey, U.S ., Ohio
REUTERS/Ann WangUnder a deal with the state of Wisconsin announced on Tuesday, Foxconn will reduce its planned investment to $672 million from $10 billion and cut the number of new jobs to 1,454 from 13,000. It was supposed to build cutting-edge flat-panel display screens for TVs and other devices and instantly establish Wisconsin as a destination for tech firms. The state will reduce the tax credits authorized for the project to $80 million from $2.85 billion. The original Wisconsin package also included local tax incentives and road and highway investments by state and local governments, which brought total taxpayer-funded subsidies to more than $4 billion. Foxconn noted that since 2017, it has invested $900 million in Wisconsin, including several different facilities in the state.
Persons: Donald Trump, Ann Wang, Foxconn, Terry Gou, Liu Young, Liu, Hai, Tony Evers, ” Evers Organizations: WASHINGTON, IEEE Global Communications Conference, REUTERS, White, Trump, America, Apple, Wisconsin Public Radio, Wisconsin Watch, Hai Precision Industry Co, , Wisconsin Economic Development Corporation, Foxconn Locations: Taiwan, Wisconsin, Taipei . Taiwan, China, America, Foxconn, Taipei, U.S, Mexico
REUTERS/Ann WangTaiwanese contract electronics manufacturer Foxconn Technology Co Ltd (2354.TW) will dramatically scale back its planned investment in an initially planned $10 billion Wisconsin plant, under an agreement announced with the state on Tuesday. The investment was first announced to great fanfare at the White House in July 2017, when Donald Trump was president. It later said it would build smaller Generation 6 LCD screens instead, and Trump stopped discussing the Foxconn investment on trips to Wisconsin. The original Wisconsin package also included local tax incentives and road and highway investments by state and local governments, which brought total taxpayer-funded subsidies to more than $4 billion. Foxconn noted that since 2017, it has invested $900 million in Wisconsin, including several different facilities in the state.
Persons: Ann Wang, Donald Trump, Tony Evers, Trump, Foxconn, Evers Organizations: REUTERS, Foxconn Technology Co, White, Wisconsin, Wisconsin Economic Development Corporation, Thomson Locations: Taipei, Taiwan, Wisconsin, United States
The benchmark 10-year yield was last up 1.3 basis points at 1.6359%, holding below a 14-month high of 1.776% reached on March 30. The rise in yields followed Tuesday's tumble in the wake of a strong 30-year bond auction. On Thursday, the market will weigh the latest weekly initial jobless claims, which are expected to fall to 700,000 for the week ended April 10 from 744,000 in the prior week. Meanwhile, yields were largely unmoved by comments from Federal Reserve Chair Jerome Powell and other central bank officials on Wednesday. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last less than a basis point higher at 0.163%.
Persons: Karen Pierog CHICAGO, Michael Lorizio, Lorizio, Jerome Powell, Powell, Robert Kaplan, we've, John Williams, Karen Pierog, Jan Harvey, Matthew Lewis Organizations: Treasury, Manulife Investment Management, U.S . Commerce, Federal, Economic, of Washington, Dallas Federal Reserve Bank, New York Fed, Fed Locations: Boston, U.S, New York, Chicago
TREASURIES-Yields drift higher ahead of slate of Fed speakers
  + stars: | 2021-04-14 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +3 min
CHICAGO, April 14 (Reuters) - U.S. Treasury yields rose on Wednesday as several Federal Reserve officials, including Chair Jerome Powell, were set to speak in the wake of the latest inflation data. The benchmark 10-year yield was last up 1.5 basis points at 1.6376%. Those include the weathering of the pandemic and progress toward full employment and 2% inflation. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last less than a basis point higher at 0.1649%. A closely watched part of the yield curve that measures the gap between yields on two- and 10-year Treasury notes was last 1.74 basis points steeper at 147.45 basis points.
Persons: Jerome Powell, Kathy Jones, Robert Kaplan, we've, Jones, Karen Pierog, Jan Harvey Organizations: Treasury, Federal Reserve, Schwab Center, Financial Research, Fed, Dallas Federal Reserve Bank, Federal Locations: New York
TREASURIES-Strong 30-year bond auction pushes yields lower
  + stars: | 2021-04-13 | by ( Karen Pierog | ) www.reuters.com + 0.00   time to read: +4 min
(Recasts, updates yields, adds analyst comments) By Karen Pierog CHICAGO, April 13 (Reuters) - U.S. Treasury yields fell and the yield curve flattened on Tuesday in the wake of solid demand for a 30-year bond auction, although next week's offering of 20-year bonds could be rocky. The benchmark 10-year yield was last down 5.8 basis points at 1.618% and the 30-year yield was 5 basis points lower at 2.2977%. The 10-year Treasury Inflation-Protected Securities breakeven inflation rate rose to as high as 2.352% after the CPI data. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last a basis point lower at 0.1609%. A closely watched part of the yield curve that measures the gap between yields on two- and 10-year Treasury notes was flatter following the auction.
Persons: Karen Pierog CHICAGO, Gennadiy Goldberg, Goldberg, Johnson, Johnson's, Zachary Griffiths, Wells, it's, Kelly Ye, Karen Pierog, Gertrude Chavez, Dreyfuss, Steve Orlofsky, Jonathan Oatis Organizations: Treasury, Jefferies, TD Securities, New York Federal Reserve Bank, U.S . Labor Department, CPI, U.S Federal Reserve, Securities, York Life Investments Locations: U.S, Charlotte , North Carolina, New York
The benchmark 10-year yield was last down 4.9 basis points at 1.6269% and the 30-year yield was 4.1 basis points lower at 2.3069%. A closely watched part of the yield curve that measures the gap between yields on two- and 10-year Treasury notes was flatter following the auction. It was last 3.29 basis points lower at 146.58 basis points. The 10-year Treasury Inflation-Protected Securities breakeven inflation rate rose to as high as 2.352% in the wake of the CPI data. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last less than a basis point lower at 0.1629%.
Persons: Karen Pierog CHICAGO, Johnson, Johnson's, Zachary Griffiths, Wells, it's, Karen Pierog, Steve Orlofsky Organizations: Treasury, Jefferies, U.S . Labor Department, CPI, . Federal, Securities Locations: Charlotte, New York
The benchmark 10-year yield was last up nearly a basis point at 1.6746%, holding below a 14-month high of 1.776% reached on March 30. The $38 billion auction of 10-year notes resulted in a high yield of 1.680% and a bid-to-cover ratio, a gauge of demand, of 2.36 times. Increasing supply as the government finances higher fiscal spending and widening deficits is adding to the yield increases. Aside from the auctions, the market is also focused on key data this week, including U.S. consumer price data for March due on Tuesday. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last up 1.6 basis points at 0.1728%.
Persons: Karen Brettell, Karen Pierog, Bill Merz, Jim Vogel, , Tom Simons, ” Simons, Jonathan Oatis, Dan Grebler Organizations: Monday, Treasury, U.S, Bank Wealth Management, Financial, Jefferies, Federal Reserve Locations: U.S, COVID, Memphis , Tennessee, New York, Chicago
An auction of $38 billion of 10-year notes resulted in a high yield of 1.680% and a bid-to-cover ratio, a gauge of demand, of 2.36 times. The benchmark 10-year yield was last up 1 basis point at 1.6764%, holding below a 14-month high of 1.776% reached on March 30. Increasing supply as the government finances higher fiscal spending and widening deficits is adding to the yield increases. Aside from the auctions, the market is also focused on key data this week, including U.S. consumer price data for March due out on Tuesday. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last up 1.6 basis points at 0.1728%.
Persons: Karen Brettell, Karen Pierog, Jim Vogel, Vogel, we've, , Tom Simons, ” Simons, Jonathan Oatis Organizations: Treasury, Financial, Jefferies, Federal Reserve Locations: U.S, Memphis , Tennessee, COVID, New York, Chicago
(Recasts, adds three-year note auction results, analyst comments, byline) By Karen Brettell and Karen Pierog April 12 (Reuters) - U.S. Treasury yields remained slightly higher on Monday following a good three-year note auction and ahead of a 10-year note offering later in the day as $120 billion in coupon supply hits the market this week, testing investor appetite for debt. The $58 billion of three-year notes were sold at a high yield of 0.376% and with a bid-to-cover ratio, a gauge of demand, of 2.32 times. The three-year yield was last 2.2 basis points higher at 0.3576%. The benchmark 10-year yield was last up less than a basis point at 1.6728%, holding below a 14-month high of 1.776% reached on March 30. Coming up on Monday is a $38 billion auction of 10-year notes, followed on Tuesday by a $24 billion offering of 30-year bonds.
Persons: Karen Brettell, Karen Pierog, , Tom Simons, Simons, ” Simons, Jerome Powell, Bill Merz, Jonathan Oatis Organizations: Treasury, Analysts, Jefferies, Federal Reserve, Fed, U.S, Bank Wealth Management Locations: New York, COVID, U.S, Minneapolis, Chicago
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