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3/29/2017, 7:02 PM (Source: TeleTrader)
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Treasury yields decline as UK initiates Brexit process

Yields on United States government bonds were lower on Wednesday as investors processed the United Kingdom's official notice of departure from the European Union and digested the Treasury auction. The US Treasury Department sold $28 billion in seven-year notes at a high yield of 2.215%, while the bid-to-cover ratio was 2.56.

The yield on 10-year Treasuries fell 3.23 basis points to 2.3855% at 6:45 pm CET, while the yield on two-year debt dropped 3.18 basis points to 1.2698%. The yield on 30-year bonds eased 3.19 basis points to 2.9927% at the same time.

Meanwhile, in Europe, the yield on 10-year British gilts plunged 4.2 basis points to 1.15% and the yield on German Bunds of the same maturity, a benchmark for the Eurozone, dipped 4.4 basis points to 0.344%. Bond yields move in the opposite direction relative to prices.

Baha Breaking News (BBN) / IB