|
|
发表于 2009-5-27 09:13 AM
|
显示全部楼层
元宝 at 168 Post subject: Re: 看来美国政府的债券卖不动了
PostPosted: 5/26/09 19:58
* MAY 26, 2009, 3:29 P.M. ET
* 10-Yr Treasury Yield Touches 3.5% For First Time Since Nov
NEW YORK (Dow Jones)--Investors sold Treasurys after the Memorial Day break amid a steep stock rally, pushing the 10-year note's yield to hit the closely monitored 3.5% level for the first time since mid November.
Risk appetite increased after a U.S. report showed U.S. consumer confidence rebounded to the highest level since September, adding to the optimism of the "green shoots" recovery in the economy and cutting the appeal of Treasurys as a safe harbor.
Bonds fell as investors sought to cheapen the market ahead of the $35 billion five-year note auction Wednesday and $26 billion seven-year auction Thursday. As a result, selling was the most heavy in the five-year and seven-year sectors.
The yield on the two-year note rose the least along the curve, partly benefiting from strong demand from Tuesday's $40 billion two-year note supply and as it is well anchored by the zero-0.25% fed-funds target rate.
As the two-year note outperformed the 10-year note, their yield spread widened further. The so-called benchmark yield curve steepened to 259 basis points, from 256 basis points Friday and 249 basis points Thursday. The yield gap is approaching the 261.9 basis points seen Nov. 13, the widest since the historic peak of 274.7 basis points on Aug. 13, 2003.
In recent trading, the two-year note's price was down 1/32 at 99 26/32 to yield 0.91%, the five-year note was down 10/32 to 98 5/32 to yield 2.27%, and the 10-year note was down 13/32 at 96 28/32 to yield 3.5%. The 30-year bond was down 1 1/32 to 96 18/32 to yield 4.46%. Bond yields move inversely to prices.
The 10-year note's yield rose about 30 basis points last week after concern rose that the U.S. government may risk losing its triple-A credit ratings, which may increase funding costs for the government and taxpayers down the road.
But Tuesday, there was no sign of an exodus from the two-year auction. The indirect bid - demand from domestic and foreign institutions, including foreign central banks - for Treasury's $40 billion two-year note auction was an impressive 54.4%, the highest since November 2006, compared with 28.7% from the previous auction in April and the average of 34.61% for the last 10 auctions.
Still, market participants cautioned that the real test would come for five-year and seven-year note auctions.
"In other words, don't read too much into today's result, but do take some degree of comfort in the fact that the U.S. is getting the money it needs to battle the financial and economic crisis," said Tony Crescenzi, chief bond market strategist in New York at Miller Tabak & Co. |
|
狗仔卡
发表于 2009-5-27 09:08 AM
