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Tuesday 07th of October 2008
August 28, 2006

Bond yields lower in Japan, up in the US, Eurozone


by Elaine Frei

Yields rose on US Treasury bonds on Monday ahead of new releases of economic data and the minutes of the most recent meeting of the Federal Reserve. The Fed minutes, due out Tuesday, could give some hints as to why it held interest rates steady in August and where they might be going in the future. Other data out this week is to include figures on manufacturing, payrolls, consumer confidence, and the gross domestic product.

Late morning found ten-year Treasury bonds yielding 4.805 percent, a gain of 2.2 basis points, while two-year issues had advanced by 2.1 basis points to 4.89 percent. Trade was light.

Trade was also light in Europe, due to a holiday in the UK and scant new data out of the United States. The two-year Schatz held steady at a yield of 2.509 percent, while the ten-year Bund had gained 1.3 basis points to 3.802 percent. Meanwhile, UK gilts were about even at 4.868 percent for the two-year gilt and 4.554 percent for the ten-year gilt.

Yields were down in Japan after lower inflation figures than had been expected were released last week. The two-year Japanese government bond dropped 3.7 basis points to 0.64 percent, while the ten-year bond was 3.8 basis points lower to 1.68 percent, a five-month low.

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