3/25, 8:19 PM (Source: TeleTrader)
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US ten-year yield falls to 15-month low

Sovereign debt issued by the Department of the Treasury in Washington was favored by investors on Monday together with precious metals, another safe haven asset class, as stocks on Wall Street were struggling to hold. Prices of United States government securities surged and yields fell after last week the interest rate equivalent in three-month bills topped the 10-year rate for the first time since the start of the financial crisis a decade ago. The Treasury benchmark dropped to 2.379% for the first time since mid-December of 2017 on a closing basis. Such a yield inversion was followed by six recessions in the last half of a century.

The US sold $48 billion in 91-day bills today at an unchanged high rate of 2.41% week on week and a bid-to-cover ratio of 2.87. The demand measure compares to 2.7 from an auction on March 18. The bill traded with the yield at 2.453% at 3:12 pm ET, slightly down for the day.

The two-year note yield tumbled 6.3 basis points to 2.267%. It touched 2.225% earlier, its weakest mark since early March of last year. The yield on the ten-year note was off the low and 2.7 points down in the session, at 2.413%. The 30-year yield declined marginally to 2.871% after dropping to 2.828%, a level last seen more than 14 months ago. Corresponding futures were up 0.12%, 0.16% and 0.15%, respectively.

Breaking the News / IT