U.S. 10-Year Yields Reach 6-Week Low; Bill Rates Fall to Record
This article is for subscribers only.
Treasury 10-year yields fell to a six-week low as a report yesterday showed U.S. manufacturing growth slowed in April, the Federal Reserve bought bonds and before a nonfarm payroll report data forecast to show slower job growth.
Six-month bill rates fell to a record as the U.S. reduces short-term debt sales as fiscal policy makers discuss spending cuts amid efforts to raise the $14.3 trillion debt ceiling and the Fed keeps its overnight interest rate target at zero to 0.25 percent. Treasury yields fell below German bunds for 10-year debt for the first time since June 2009. The Fed purchased $7.7 billon of Treasuries due from November 2016 to April 2018 today.