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Yield Curve Steepens After Treasuries Whipsawed by Central Banks

June 29, 2017 | Morningstar

After taking a beating on Tuesday and last night following seemingly hawkish comments from ECB President Draghi, U.S. Treasuries and their European counterparts rallied sharply this morning when the European Central Bank said that his remarks had been misinterpreted. If that weren't enough excitement, Bank of England Governor Mark Carney said later this morning that he and his colleagues might have to remove monetary stimulus if current trends continue. That sent government bond prices in the U.K., but also in the U.S. and the eurozone, back down. U.S. pending home sales data showed the third-straight decline in May, missing expectations. Tight supply is helping to push home prices out of reach for many potential buyers. The 7-year Treasury note auction tailed slightly but did not have much effect on the Treasury complex and U.S. stocks snapped back after a sell-off on Tuesday. The S&P 500 is up 0.88% to 2,440.7 and the U.S. Dollar Index is down 0.39% to 96.02, an eight-month low
Yield Check:

2-yr: -2 bps to 1.36%;
5-yr: unch at 1.82%;
10-yr: +1 bp to 2.22%;
30-yr: +2 bps to 2.77%;


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