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Treasuries Fall as Obama Proposes $750 Billion in Financial Aid
http://www.bloomberg.com/apps/news?pid=20601009&sid=ayF3T31X1Z_Y&refer=bond#
By Kim-Mai Cutler and Susanne Walker
Feb. 26 (Bloomberg) -- Treasuries fell for a third day, sending the two-year yield to its highest level in almost three months, as President
Barack Obama’s budget proposed as much as $750 billion in new aid to the financial industry.
Ten- and 30-year securities led the declines as the U.S. government prepared to sell a record $22 billion in seven-year notes today, the last of three auctions this week. Orders for durable goods fell 5.2 percent in January, twice as much as expected, and first-time unemployment claims increased to 667,000, the highest since 1982.
“The data doesn’t make a difference,” said
Theodore Ake, New York-based head of U.S. Treasury trading at Mizuho Securities USA Inc., one of 16 primary dealers that are required to participate in Treasury auctions. “The economy is weak and is getting weaker. The amount of spending going on in Washington is going to drive interest rates higher.”
The two-year
note yielded 1.08 percent at 8:45 a.m. New York, according to BGCantor Market Data. It touched 1.10 percent, the highest since Nov. 28. The 0.875 percent security due in February 2011 traded at 99 19/32. The rate climbed from a record low of 0.60 percent on Dec. 17.
The yield on the 10-year
note advanced six basis points to 2.99 percent. It touched 3.02 percent, the highest since Feb. 9. The yield slid to a record low of 2.04 percent on Dec. 18 and averaged 4.65 percent in the past decade.
Treasuries pared losses after the economic reports.
The U.S. spending blueprint, being sent to Congress today, forecasts the government will run a deficit totaling $1.75 trillion in the year ending Sept. 30, equivalent to about 12 percent of the nation’s gross domestic product.
Treasury Losses
Treasuries fell 0.3 percent in February, heading for a second monthly loss, according to a Merrill Lynch & Co. index. Losses in U.S. Treasuries are 3.4 percent so far in 2009, compared with a 1.7 percent gain in the same period a year ago, according to Merrill Lynch’s U.S. Treasury Master Index.
The U.S. is borrowing so much that it may have trouble paying the money back, said
Jaemin Cheong, a bond trader in Seoul at Industrial Bank of Korea, the nation’s largest lender to small- and mid-sized companies.
“Yields are headed higher,” Cheong said in an interview. “More issuance will be needed to support the economy. The possibility of default is more and more as time passes.”
Obama is depending on investors from overseas to help fund his $787 billion economic plan. China is the largest overseas holder of Treasuries, with $696.2 billion, followed by Japan, which has $578.3 billion.
Three Elements
China’s top banking regulator said in comments today the country will pay attention to safety, liquidity and profitability when deciding whether to buy more U.S. debt.
“How much we will invest in U.S. Treasuries will depend on the three elements,” said China Banking Regulatory Commission Chairman
Liu Mingkang at a press conference in Beijing today.
Obama’s administration is moving “aggressively to try to get credit flowing again,” Treasury Secretary
Timothy Geithner told reporters yesterday.
The Fed is considering expanding a program aimed at supporting consumer and small-business loans to $1 trillion from $200 billion. It’s also buying $600 billion of debt sold by government-backed housing-finance companies and mortgage-backed securities they guarantee.