kè si son vergognati a non spikkare sui risultati di jpm
le aste dei bonds son andate bene , niente da dire
Treasuries Gain as U.S. Cost of Living Slows in December
http://www.bloomberg.com/apps/news?pid=20602007&sid=aLrk6PKcDWys#
By Cordell Eddings and Matthew Brown
Jan. 15 (Bloomberg) -- Treasuries rose, heading for a second weekly gain, after a government report showed the cost of living in the U.S. slowed in December from a month earlier.
Traders cut bets on inflation for a fourth day, the longest run in five weeks, as the consumer-price index rose 0.1 percent, less than forecast, following a 0.4 percent gain in November. The gap between yields on U.S. 10-year notes and inflation- indexed debt was 2.34 percentage points. It was 2.49 percentage points on Jan. 11, the widest since July 2008.
“Inflation is contained, which means we should see some yield curve flattening, with the back end rallying further,” Christian Cooper, an interest-rate strategist at Royal Bank of Canada in New York, one of 18 primary dealers that trade with the Fed, said before the report.
The 10-year
note yield declined four basis points to 3.71 percent at 8:32 a.m. in New York, according to BGCantor Market data. The 3.375 percent security due in November 2019 climbed 10/32, or $3.13 per $1,000 face amount, to 97 9/32. The yield has declined 12 basis points on the week.
The difference, or spread, between two- and 10-year yields narrowed for a second day, to 2.80 percentage points. It was a record 2.90 percentage points on Jan. 11.
Yield Curve
U.S. Treasuries, German bunds and U.K. gilts all rose this week as China increased money-market rates and lifted reserve requirements for banks, prompting speculation that the Asian country is seeking to counter asset bubbles.
“China is beginning to show signs of tightening, which should lead to risk aversion,” said
Yoshihiro Nomura, Tokyo- based foreign-exchange team manager at Trust & Custody Services Bank Ltd.
A separate report today will show U.S. industrial production growth slowed in December, according to a Bloomberg survey of 76 analysts.
TIPS returned 10 percent last year, as investors sought to shield their investments from rising prices, versus an average 3.7 percent loss for conventional securities, according to Bank of America Corp. Merrill Lynch indexes.
Long Bond
Treasuries surged yesterday after the 0.3 percent decline in December retail sales spurred the strongest demand in four months at a $13 billion auction of 30-year bonds.
That sale followed a $21 billion offering of 10-year debt the day before, a record-tying $40 billion of three-year notes on Jan. 12 and a $10 billion auction of 10-year TIPS on Jan. 11.
Yields on the so-called long bond fell as investors
bid for 2.68 times the amount of securities offered the most since September.
“The funding is over for now and that’s helping Treasuries,” said
Peter Schaffrik, an interest-rate strategist at Commerzbank AG in London. “We had a good auction yesterday and the next sale is not until the end of January, with no long- end issuance for some time.”
Treasuries returned 0.8 percent this year, according to indexes compiled by Bank of America Merrill Lynch Securities. German government bonds handed investors 0.6 percent, while U.K. gilts returned 0.3 percent, according to the indexes.
Most analysts expect Treasury yields to rise this year as gross domestic product expands. The 10-year yield will advance to 4.22 percent by year-end, according to a Bloomberg survey of banks and securities companies, with the most recent forecasts given the heaviest weightings.
