8/14, 2:18 PM (Source: TeleTrader)
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Ross downplays main yield curve inversion

United States Commerce Secretary Wilbur Ross told CNBC on Wednesday that the yield curve inversion between the 10-year and 2-year Treasuries is minimal and that it does not necessarily mean it will trigger a recession.

Bond markets were in focus on Wednesday as the 10-year yield declined below the levels of the 2-year, which some economists see as a sign that recession will take place in an average 22 months. Additionally, the 30-year Treasury yield dropped to a new low as stock market indexes also fell in premarket trade.

The two-year note's yield was at 1.606%, decreasing 0.066 basis points at 8:14 am ET while the 10-year Treasury yield was at 1.601% as it lost 0.079 basis points at the same time. The 30-year Treasury yield was 0.101 basis points lower at 2.036% at 8:15 am ET. Corresponding futures for the US bonds, which move in the opposite direction to yields, increased 0.12%, 0.63% and 1.54%, all at 8:16 am ET.

Breaking the News / VP