{"id":75863,"date":"2018-05-03T05:36:17","date_gmt":"2018-05-03T05:36:17","guid":{"rendered":"http:\/\/www.bnreport.com\/us-yields-dip-after-quarterly-refunding-fed-statement\/"},"modified":"2018-05-03T05:36:17","modified_gmt":"2018-05-03T05:36:17","slug":"us-yields-dip-after-quarterly-refunding-fed-statement","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/us-yields-dip-after-quarterly-refunding-fed-statement\/","title":{"rendered":"US yields dip after quarterly refunding, Fed statement"},"content":{"rendered":"

NEW YORK: U.S. Treasury yields for most maturities fell on Wednesday as a quarterly refunding program that aims to finance the country's massive fiscal deficit<\/a> came in short of expectations, reducing the pressure on prices caused by the increase in debt supply. <\/p>\n

Treasury yields had risen overnight in the run-up to the refunding announcement. While the U.S. Treasury did increase the size of the auctions, analysts said the overall outcome was somewhat underwhelming. <\/p>\n

"There are no TIPS (Treasury Inflation<\/a> Protected Security) increases, which tends to reduce the effective duration<\/a> of the forward auctions," said Jim Vogel, interest rates strategist, at FTN Financial in Memphis, Tennessee. <\/p>\n

"Second, the increases from the 5s through 30s were modest compared to the upper band of expectations," he added. <\/p>\n

Yields, however, came off their lows after the Federal Reserve held interest rates steady at its monetary policy<\/a> meeting, and said inflation was close to its 2 percent target. <\/p>\n

Investors expect the Fed to raise interest rates in June. <\/p>\n

"I think a June rate hike is a done deal unless something dramatically changes between now and June," said Stephen Stanley, chief economist at Amherst Pierpont Securities in Stamford, Connecticut. <\/p>\n

The biggest driver though of the U.S. Treasury market on Wednesday was still the refunding announcement. <\/p>\n

Treasury announced a $73-billion refunding package for May, up from the $66 billion in February, with the bulk of the increase coming from short-end maturities. Treasury will sell $31 billion in 3-year notes, $25 billion in 10-year notes, and $17 billion in 30-year bonds. <\/p>\n

Treasury will raise the size of the 2- and 3-year note auctions by just $1 billion per month in the second quarter, compared with the $2 billion increases in the first. <\/p>\n

The refunding announcement overshadowed a U.S. private-sector payrolls for April that landed roughly in line with forecasts. <\/p>\n

Before the release of the private payrolls data, yields on the U.S. two-year note, the maturity most sensitive to the rate increase outlook, hit their highest in more than nine years. <\/p>\n

Payrolls processor ADP said U.S. private-sector employment grew by 204,000 last month, slightly exceeding expectations of 200,000 jobs. <\/p>\n

Next up, market participants are looking to U.S. nonfarm payrolls data due out on Friday. Analysts are expecting an addition of 192,000 jobs, according to a Reuters poll. <\/p>\n

In afternoon trading, U.S. 10-year yields were at 2.970 percent, down from 2.976 percent late on Tuesday. <\/p>\n

U.S. 30-year yields, however, slid to 3.136 percent , from Tuesday's 3.137 percent. <\/p>\n

On the front end of the curve, U.S. two-year yields hit a 9-1\/2-year high of 2.521 percent. They were last at 2.5012 percent. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf]
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ET Markets<\/a><\/h5>\n

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