Treasuries Extend Haven Gain on Ukraine Woes Before Long Weekend
- Geopolitical tension and mixed economic data spur swings
- Front-end supported in wake of less-hawkish Fed minutes
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Investors sought Treasury debt on Thursday after weak economic data, tension between Russia and Ukraine and escalating selling of equities sent the 10-year yield below 2%.
Intermediate maturities including the five- and 10-year notes led the rally, with yield declines of nearly seven basis points to 1.85% and 1.97% on Thursday, respectively. Similarly, the policy-sensitive two-year note’s yield fell nearly five basis points to 1.47%, extending its drop from a peak of 1.59% on Wednesday.