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June 8, 2005    

Yields up in US treasury bonds while eurozone slumps

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by Brian Turner
Yields up in US treasury bonds while eurozone slumps

Prices were down and yields up on US Treasury bonds on Wednesday ahead of Thursday’s appearance of Federal Reserve chairman Alan Greenspan before a congressional committee to talk about the country’s economic outlook.

Yields on 2-year bonds were up 2.5 basis points to 3.591 percent, and 10-year yields rose 1.5 basis points to 3.922 percent.

The yield on 5-year bonds stood at 3.71 percent ahead of a sale of $14 billion in new issues, and 30-year bonds were yielding 4.2 percent.

In the eurozone, yields were down yet again as the Dutch central bank cut its 2005 growth forecast from 1.7 percent to 0.4 percent on high oil prices and global economic slowdowns.

This increased speculation that the European Central Bank might cut interest rates before the end of the year.

Yields on the 10-year Bund fell to a record low of 3.12 percent.

Yields on gilts in the UK fell to the lowest level in 2 years as the 10-year gilt was down 2.7 basis points to a yield of 4.214 percent. The Bank of England was to hold a monetary policy meeting, but a change in interest rates was not expected.

Meanwhile, in Japan, 10-year government bonds were yielding 1.230 percent while 5-year issues were up 1 basis point to a yield of 0.425 percent, still close to a 22-month low.

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