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U.S. Stocks Gain, 10-Year Treasury Yields Fall Most Since 1962
By Cristina Alesci and Daniel Kruger
March 18 (Bloomberg) -- U.S. stocks and Treasuries surged and the dollar tumbled after the Federal Reserve unexpectedly announced plans to buy $1 trillion of bonds in an effort to lower consumer borrowing costs and end the recession.
The Standard & Poor’s 500 Index added 2.1 percent, extending its rally since last week’s 12-year low to 17 percent. Yields on 10-year notes dropped the most since at least January 1962 after the central bank said it will spend $300 billion buying Treasury debt and up to another $750 billion on bonds backed by government-controlled mortgage companies. The dollar sank the most against the euro since September 2000.
“This is a huge step,” said Thomas Girard, who helps manage $115 billion in fixed-income securities with New York Life Investment Management in New York. “It’s a draw the line in the sand-type of event.”
The S&P 500 rose to 794.35 at 4 p.m. in New York and earlier surpassed 800 for the first time in a month. The stock index trimmed its 2009 loss to 13 percent. Yields on benchmark 10-year notes plunged 0.50 percentage point to 2.51 percent. The dollar depreciated as much as 3.3 percent to $1.3493 per euro.
Fed Chairman Ben S. Bernanke is trying to bolster housing and hasten the end of the 14-month U.S. recession. He stepped up efforts after unemployment increased to 8.1 percent and economists forecast the economy will shrink through the middle of the year. Fed officials also kept the benchmark interest rate at between zero and 0.25 percent to combat the “weak” short- term economic outlook, according to a statement today.
‘Big Positive’
“This is definitely a big positive,” said Noman Ali, a Toronto-based money manager at MFC Global Investment Management whose group manages $20 billion of U.S. equities. “This will bring down the risk premium and interest rates for corporate borrowers as well. That helps credit growth and hopefully helps turn the economy.”
Citigroup Inc. and Bank of America Corp. each jumped more than 22 percent, leading a gauge of financial shares in the S&P 500 to a 10 percent rally and the highest level in a month. The index has surged 54 percent since March 6.
The central bank also said it will consider expanding the Term Asset-Backed Securities Loan Facility, meant to unfreeze business and consumer lending, to include “other financial assets.”
The Fed’s announcement was “good old-fashioned ‘shock and awe,’” said Scott Simon, the head of mortgage-bond investing at Newport Beach, California-based Pacific Investment Management Co., the world’s largest bond manager. “It’s certainly going to get mortgage rates even lower.”
Record Lows
Treasuries had lost investors 3.4 percent since December, on course for the worst three-month period since the third quarter of 1980, when they fell 5.06 percent, according to a Merrill Lynch & Co. index. Investor concern about rising supplies of debt and gains in equities depressed prices, pushing yields up from record lows in the fourth quarter.
Thirty-year bond yields fell to a record low of 2.509 percent on Dec. 18, less than three weeks after Fed Chairman Ben S. Bernanke first mentioned the option of buying Treasuries. Yields climbed to as high as 3.84 percent earlier today.
Strategists at primary dealers UBS AG, Bank of America Corp., Morgan Stanley and Goldman Sachs Group Inc. had forecasted that central bank policy makers wouldn’t provide plans to purchase U.S. debt.
‘Powerful Bullet’
“We thought it was a lower-probability event but we always knew that if the Fed did use this clearly powerful bullet it would cause a huge drop in yields,” said Suvrat Prakash, an interest-rate strategist in New York at BNP Paribas Securities Corp., another primary dealer.
Yields on 10-year Treasury notes rose 33 basis points in the two days after the last policy meeting Jan. 28, when the Federal Open Market Committee said the central bank might buy longer-term Treasuries to revive lending but gave no further details.
“It is something the Fed needs to do to help the economy,” said David Coard, head of fixed-income trading in New York at Williams Capital Group, a brokerage for institutional investors. “It’s wonderful for Treasuries.”
During World War II, the central bank agreed to purchase unlimited amounts of government obligations from banks to keep interest rates low to finance the war, according to the Federal Reserve Bank of Atlanta.
U.S. Stocks Gain, 10-Year Treasury Yields Fall Most Since 1962
By Cristina Alesci and Daniel Kruger
March 18 (Bloomberg) -- U.S. stocks and Treasuries surged and the dollar tumbled after the Federal Reserve unexpectedly announced plans to buy $1 trillion of bonds in an effort to lower consumer borrowing costs and end the recession.
The Standard & Poor’s 500 Index added 2.1 percent, extending its rally since last week’s 12-year low to 17 percent. Yields on 10-year notes dropped the most since at least January 1962 after the central bank said it will spend $300 billion buying Treasury debt and up to another $750 billion on bonds backed by government-controlled mortgage companies. The dollar sank the most against the euro since September 2000.
“This is a huge step,” said Thomas Girard, who helps manage $115 billion in fixed-income securities with New York Life Investment Management in New York. “It’s a draw the line in the sand-type of event.”
The S&P 500 rose to 794.35 at 4 p.m. in New York and earlier surpassed 800 for the first time in a month. The stock index trimmed its 2009 loss to 13 percent. Yields on benchmark 10-year notes plunged 0.50 percentage point to 2.51 percent. The dollar depreciated as much as 3.3 percent to $1.3493 per euro.
Fed Chairman Ben S. Bernanke is trying to bolster housing and hasten the end of the 14-month U.S. recession. He stepped up efforts after unemployment increased to 8.1 percent and economists forecast the economy will shrink through the middle of the year. Fed officials also kept the benchmark interest rate at between zero and 0.25 percent to combat the “weak” short- term economic outlook, according to a statement today.
‘Big Positive’
“This is definitely a big positive,” said Noman Ali, a Toronto-based money manager at MFC Global Investment Management whose group manages $20 billion of U.S. equities. “This will bring down the risk premium and interest rates for corporate borrowers as well. That helps credit growth and hopefully helps turn the economy.”
Citigroup Inc. and Bank of America Corp. each jumped more than 22 percent, leading a gauge of financial shares in the S&P 500 to a 10 percent rally and the highest level in a month. The index has surged 54 percent since March 6.
The central bank also said it will consider expanding the Term Asset-Backed Securities Loan Facility, meant to unfreeze business and consumer lending, to include “other financial assets.”
The Fed’s announcement was “good old-fashioned ‘shock and awe,’” said Scott Simon, the head of mortgage-bond investing at Newport Beach, California-based Pacific Investment Management Co., the world’s largest bond manager. “It’s certainly going to get mortgage rates even lower.”
Record Lows
Treasuries had lost investors 3.4 percent since December, on course for the worst three-month period since the third quarter of 1980, when they fell 5.06 percent, according to a Merrill Lynch & Co. index. Investor concern about rising supplies of debt and gains in equities depressed prices, pushing yields up from record lows in the fourth quarter.
Thirty-year bond yields fell to a record low of 2.509 percent on Dec. 18, less than three weeks after Fed Chairman Ben S. Bernanke first mentioned the option of buying Treasuries. Yields climbed to as high as 3.84 percent earlier today.
Strategists at primary dealers UBS AG, Bank of America Corp., Morgan Stanley and Goldman Sachs Group Inc. had forecasted that central bank policy makers wouldn’t provide plans to purchase U.S. debt.
‘Powerful Bullet’
“We thought it was a lower-probability event but we always knew that if the Fed did use this clearly powerful bullet it would cause a huge drop in yields,” said Suvrat Prakash, an interest-rate strategist in New York at BNP Paribas Securities Corp., another primary dealer.
Yields on 10-year Treasury notes rose 33 basis points in the two days after the last policy meeting Jan. 28, when the Federal Open Market Committee said the central bank might buy longer-term Treasuries to revive lending but gave no further details.
“It is something the Fed needs to do to help the economy,” said David Coard, head of fixed-income trading in New York at Williams Capital Group, a brokerage for institutional investors. “It’s wonderful for Treasuries.”
During World War II, the central bank agreed to purchase unlimited amounts of government obligations from banks to keep interest rates low to finance the war, according to the Federal Reserve Bank of Atlanta.
come mai la decisione più devastante di questi ultimi mesi - quella di lasciar fallire una banca di importanza sistemica in piena crisi finanziaria - 
