Treasury 2-Year Yield Falls to Record as Fed Reverses Exit Plan
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Treasuries rose, pushing the two-year note yield to a record low, a day after the Federal Reserve reversed plans to exit from aggressive monetary stimulus.
Benchmark 10-year notes gained for a second day after the central bank decided to reinvest maturing agency and mortgage-backed securities in Treasuries to support an economic recovery that the Fed said “has slowed.” The government is scheduled to auction $24 billion of 10-year notes today, the second of three sales this week totaling $74 billion.