Negative Empire State manufacturing index impacts bonds
by Brian Turner
News that the Empire State manufacturing index has fallen into negative territory for the first time in two years sent short-dated US Treasury bond prices up and yields down on Monday.
The May manufacturing index sat at -11.1.
Two-year Treasury bonds lost 1 basis point, lowering yields to 3.59 percent. Ten-year yields were also down by 1 basis point to 4.12 percent. Thirty-year bond yields were unchanged at 4.49 percent.
In the UK, yields on the 2-year gilt were up 2.4 basis points to 4.338 percent, while the 10-year gilt stayed steady at a yield of 4.366 percent.
The UK market was waiting for several reports Monday, including consumer prices data and information on the upcoming issue of a 50-year bond today, and retail sales figures due out on Thursday.
In addition, the central bank will meet on Tuesday.
In the eurozone, bond yields didn’t move much. The 10-year Bund was down 0.7 basis points to yield 3.305 percent, while the yield on the 2-year Schatz held steady at 2.24 percent.
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