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US Yields Fall After Service Sector Data; Fed eyed minutes

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US Yields Fall After Service Sector Data;  Fed eyed minutes

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NEW YORK – U.S. Treasury yields fell on Tuesday,

10-year benchmark bond poised for its longest streak of daily declines at 16

months as investors seek clues about the trajectory of Federal Reserve policy and

after data indicated that the service sector expanded at a slower pace.

An indicator of the activity of the US Institute for Supply Management.

service sector, which accounts for about two-thirds of economic activity,

showed moderate growth in June, below the record pace of May.

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The data comes on the heels of Friday’s employment report, which was seen

for many as showing an improving job market, but not enough to point to a

economy that can be prone to overheating.

“There seems to have been at least some reaction to the impression of ISM services showing

the employment sub-index in contractionary territory for the first time since

Dec. 2020, ”said Zachary Griffiths, Wells Fargo rate strategist.

“Although employment in contraction territory could be considered

Worryingly, comments in the statement suggest that the weakness is due more to a

lack of labor supply, not lack of demand “.

Analysts also pointed to volatility in the oil market, where crude had run

rose in price until it staggered on Tuesday after OPEC producers canceled a meeting,

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China’s crackdown on Chinese tech stocks traded in the United States, such as

Didi Global and reorganization of the position after a long holiday weekend as

contributing to falling yields.

The yield on 10-year Treasury notes fell 6.4 basis points to

1,368%. The yield hit a low of 1,352%, its lowest level since Feb. 24, and was on its way.

for the sixth consecutive session of descents.

Investors will focus their attention on the release of the minutes on Wednesday

The Fed meeting on June 15-16, when officials opened the debate on how to end the era of crisis.

bond purchases and the noted increases in interest rates were closer on the horizon than

previously thought.

The amount of cash flowing into the Fed overnight reverse buyback.

operation rose to $ 772.5 billion from $ 731.5 billion on Friday, but

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below Wednesday’s record of $ 992 billion.

The yield on the 30-year Treasury bond fell 4.9 basis points.

to 2,001%, having previously fallen below the 2% mark for the first time since June

twenty-one.

The Equilibrium Rate of Five-Year Inflation Protected U.S. Treasury Securities

(TIPS) last stood at 2,491%, after closing at 2,502% on Friday, close to

its highest close in a month.

A portion of the US Treasury yield curve that measures the gap that is closely observed

between the yields of the two-year and ten-year Treasury notes,

indicator of economic expectations, which stood at 114.5 basis points from 119 onwards.

Friday.

July 6 Tuesday 3:10 PM New York / 1910 GMT

Price

US T SEP1 BONDS 162-5 / 32 1-8 / 32

10YR TN Notes SEP1 133-60 / 256 0-144 / 25

Sixth

Net current price

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Yield% change

(bps)

Three-month invoices 0.0475 0.0482 -0.003

Six-month invoices 0.05 0.0507 -0.002

Two-year note 99-207 / 256 0.2219 -0.016

Three-year note 99-136 / 256 0.4106 -0.032

Five-year note 100-80 / 256 0.8109 -0.051

Seven-year note 100-204 / 256 1.1309 -0.065

10-year note 102-92 / 256 1.3682 -0.064

30-year bond 108-96 / 256 2.001-0.049

DOLLAR EXCHANGE SPREADS

Last (bps) net

Change

(bps)

2-year US dollar swap 7.75 -23.50

spread

3-year US dollar swap 11.50 -44.25

spread

5-year US dollar swap 7.25 -0.25

spread

10-year US dollar swap -2.75 -0.25

spread

30-year US dollar swap -31.75 -0.50

spread

(Information from Chuck Mikolajczak; Additional information from Karen Pierog and Kate

Duguid; Edited by Andrea Ricci)

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In-depth reports on the economics of innovation from The Logic, presented in association with the Financial Post.

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