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Thursday 25th of September 2008
July 19, 2005

US Treasury bond market quiet


by Brian Turner
US Treasury bond market quiet

The market in US Treasury bonds was quiet on Tuesday in anticipation of Wednesday’s scheduled testimony from Federal Reserve chairman Alan Greenspan.

Data showing strong housing starts in June and strong US chain store retail sales last week had little effect on investors.

The two-year Treasury lost 1.6 basis points to yield 3.877 percent, while the 10-year bond was down 1.3 basis points to 4.213 to fall from a two-month high yield.

In the eurozone, bond yields continued to rise as the likelihood of interest rate cuts diminished, this time on a much higher economic sentiment indicator from German’s ZEW survey. The indicator rose from 19.5 in June to 37 in July.

The two-year Schatz rose 2.5 basis points to a yield of 2.225 percent, while the 10-year Bund was up 1.8 basis points to 3.284, after going even higher, to 3.321 percent, earlier in the day. Investors in the UK were waiting for the scheduled release of the minutes of the Bank of England’s latest meeting as yields on gilts rose there as well.

The 2-year gilt was up 3 basis points to 4.106 percent, while the 10-year gilt was yielding 4.324 percent, up 3.5 basis points. Meanwhile in Japan, yields on the 10-year government bond rose 0.8 percent to 1.288 percent.

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