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UST: Post-FOMC Minutes Rally Propels Treasuries to Ninth Straight Gain

January 08, 2015 | Morningstar

Treasuries gained for a ninth straight session. The complex traded lower overnight and pressed to its worst levels of the day after ADP Employment Change (241K actual v. 230K expected) and the trade balance (-$39 bln actual v. -$41.8 bln expected) outpaced estimates. Buying developed into the lunchtime hour and maturities climbed to their best levels of the session following the release of the latest FOMC minutes.

The minutes suggested "labor market conditions improved further" and that "the foreign economic situation could result in slower domestic economic growth than currently expected." They continued, "The Committee might begin normalization at a time when core inflation was near current levels, although in that circumstance participants would want to be reasonably confident inflation will move back toward 2% over time."

Up front, the 2Y added +1.6bps to 63bps. Support in the area remains in focus. In the belly, the 5Y fell -2bps to 1.473%. Action probed the closely watched 1.500% level before the afternoon bid proved overwhelming. The 10Y slipped -0.9bps to 1.954%. The benchmark yield ticked above 2.00% before ultimately failing at the level and putting in its lowest close since May 2013. Buying at the long end pushed the 30Y down -0.8bps to 2.515%. The yield on the long bond finished ~6bps off its record low close. A flatter curve won out as the 2-10-yr spread narrowed to 132.5bps. Precious metals lost ground as gold fell -$4 to $1215 and silver slipped -$0.03 to $16.61.

Організація: USA

Повна назва організаціїThe United States of America
Країна ризикуUSA
Країна реєстраціїUSA

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