U.S. 2-Year Yields Reach 1-Month Low as Notes Sold, Fed Meets
This article is for subscribers only.
Treasuries rose, pushing two-year note yields to the lowest level in more than a month as the U.S. sold $35 billion of the securities amid bets Federal Reserve policy makers are considering measures to keep yields low.
The notes drew a yield of 0.673 percent, compared with a forecast of 0.669 percent in a Bloomberg News survey of eight of the Federal Reserve’s 20 primary dealers. The bid-to-cover ratio, which gauges demand by comparing total bids with amount of securities offered, was 3.06, below the 3.42 average at the past 10 sales. Treasuries advanced earlier as the Federal Open Market Committee started its two-day policy meeting.