The spread between U.S. shorter- and longer-dated Treasury yields contracted on ...
NEW YORK - The spread between U.S. shorter- and longer-dated Treasury yields contracted on Tuesday, as shorter-dated yields rose on $38 billion in three-year debt supply and nagging worries about U.S.-China trade tensions pushed down longer-dated yields.
“The yield curve is pricing in additional accommodation from the Fed given the confluence of factors including trade,” said Steve Johnson, senior portfolio manager at SVB Asset Management in San Francisco. “It’s a more gloomy scenario.” Interest rates futures implied traders fully positioned for the Fed to cut rates by at least a quarter-point at its Sept. 17-18 meeting, CME Group’s FedWatch program showed.Worries about a weakening global economy have stoked demand for Treasuries since last week and supported bids at the $38 billion auction of three-year notes which were sold at the lowest yield in two years.
Record negative yields in Europe and Japan have also pushed U.S. yields lower as foreign investors seek bonds that offer income.
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