-- US government debt advanced on Tuesday as the Treasury’s hefty $69 billion sale of two-year notes lured sold buyer demand — even as a much-desired 5% coupon proved elusive.Billionaire Pinaults Fight to Pull Gucci Off the Discount RackThe sale of two-year Treasuries was awarded at 4.898%, slightly lower than the 4.904% yield in pre-auction trading at the 1 p.m. New York time bidding deadline. That was a sign that demand outstripped expectations.
Treasury yields have risen each of the last four weeks resilient economic data and sticky inflation pushed traders to further scale back how much they foresee the Federal Reserve cutting rates this year. Swaps traders are only pricing in about 43 basis points of rate reductions for all of 2024, well below the more than six quarter-point reductions they expected at the start of the year.
“There was a bid in the market after the auction, but it is fading a bit now,” di Galoma said. “The Treasury market will have issues taking down” the rest of the other auctions this week.A Hedge Fund Billionaire’s Cash Helped Fund a ‘Predatory’ LenderWhy the Midwest is the top region for first time homebuyers
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