Bond Report: Tresury yields steady as investors await Trump conference

Bond Report: Tresury yields steady as investors await Trump conference
  1. Bond Report: Tresury yields steady as investors await Trump conference
    Treasury yields on Tuesday trade little-changed, with yields on U.S. government bonds pausing following a spate of buying Monday as investors await a news conference from President-elect Donald Trump. …

U.S. Treasury yields on Tuesday were trading little-changed, with action in U.S. government bonds pausing following a spate of buying Monday as investors awaited a news conference from President-elect Donald Trump, which could offer specifics about his plan for the U.S. economy.

The yield on the 10-year Treasury note TMUBMUSD10Y, +0.16% was flat at 2.369%, compared with 2.377% on Monday, while the yield on the 30-year bond TMUBMUSD30Y, +0.23% was at break-even levels at 2.970 %, compared with 2.971% a day earlier. Meanwhile, the two-year Treasury note TMUBMUSD02Y, +0.33% was off 1.7 basis point at 1.181%. Bond yields rise as prices fall.

Treasury yields have been mostly climbing since Trump won the U.S. presidential election on Nov. 8, a victory that has stirred hope that campaign promises touting fiscal stimulus, regulatory rollbacks and tax cuts, could be realized and rev up the domestic economy. That hope has pushed inflation expectations higher and ratcheted up forecasts for interest-rate increases by the Federal Reserve. Higher inflation and anticipation of Fed hiking have underpinned selling in bonds, lifting yields from a low in July of 1.36% to a high last month of about 2.6%. A plot of projections for future rate hikes by Fed members released last month, implies three rate increases in 2017.

Check out: Goldman’s Hatzius: Investors could get blindsided by a cluster of Fed hikes this year

But the main spark for Treasurys moves has been the coming presidential administration.

Read: Gross says this key bond level is a far bigger deal than Dow 20,000

Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets, said any focus on fiscal stimulus “would spur renewed reflation jitters,’’ which would hurt the bond market. Reflation refers to the risk of higher inflation, which can erode the value of a bond’s fixed-income payments.

The recent selloff in Treasurys, and conversely the buying into risk assets like stocks and crude oil, has steadied somewhat as Wall Street awaits further details on Trump’s policy proposals and weigh its potential impact on the overall economy. Trump’s inauguration is set for Jan. 20.

Looking ahead, investors were waiting for a $24 billion sale of three-year Treasury notes due at 1 p.m. Eastern.

Meanwhile, the yield on the 10-year German bond TMBMKDE-10Y, +1.20% …

Tags: #Investor
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