U.S. Treasury yields rose on Wednesday before the Treasury Department sells $42 billion in 10-year notes and as stocks continued to stabilize, reducing...
- U.S. Treasury yields rose on Wednesday before the Treasury Department sells $42 billion in 10-year notes and as stocks continued to stabilize, reducing demand for the safe haven U.S. debt.
“You have a lot of issuers who paused on Monday and even maybe held back yesterday just to make sure the coast was clear in terms of how risk assets are going to be received and now are coming to market today,” Lorizio said. The gap between two- and 10-year Treasury notes shrank 3 basis points to minus 6.6 basis points. It reached 1.50 basis points on Monday, the first time it has turned positive since July 2022.
Selling the Japanese currency and buying U.S. assets has been a popular trade in recent years due to the wide interest rate differential between the U.S. and Japan. This trade has come under pressure due to a strong yen rally due to intervention by Japanese authorities and an unexpectedly large rate hike by the Bank of Japan.
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