Yields up on US Treasury bonds
by Elaine Frei
Yields were up on US Treasury bonds on Monday as safe-haven buying as Middle East conflicts continued was offset by new data showing that industrial production in the US was up double the expected amount in June. Investors were also waiting for possible guidance from Federal Reserve chairman Ben Bernanke when he testifies before a Congressional committee on Wednesday.
At late morning in New York, two-year Treasury bonds had risen 3 basis points to a yield of 5.132 percent, while ten-year yields had added 1.4 basis points to 5.083 percent.
In the Eurozone, industrial production and headline inflation data were above the targets set by the European Central Bank, leading to heightened expectations that the ECB will raise interest rates when it meets on August 3. Late in the day, the two-year Schatz was yielding 3.535 percent, a gain of 1.2 basis points. Yields on the ten-year Bund were up 0.6 basis points to a yield of 3.986 percent.
UK gilts were mixed, with the two-year issue lower by 0.7 basis points to 4.688 percent. The ten-year gilt, however, was up by 3.4 basis points to a yield of 4.614 percent.
The Japanese market was closed for the Marine Day holiday.
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