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Reuters
US Treasuries edge higher before 5-year auction
Wednesday July 7, 12:29 pm ET
By Ellen Freilich
(Updates comment, prices)
NEW YORK, July 7 (Reuters) - Treasury debt prices turned higher on Wednesday, bolstered by the Federal Reserve's purchase of coupons and some optimism about demand for the Treasury's imminent auction of $15 billion in five-year notes.
The Fed said it bought $1.557 billion in coupons maturing from July 31, 2005 to January 31, 2006.
There was little in the way of economic data to provide direction.
The benchmark 10-year Treasury note (US10YT=RR) rose 3/32 in price, while its yield eased to 4.47 percent from 4.48 percent late Tuesday. Still, that was well below the 4.76 percent peak of last week, reflecting the view that the Fed will not have to hike interest rates as high as once thought.
Still, analysts had doubts as to how much higher bond prices could go.
"The rally we have had is legitimate given the kind of data that we got in the last few days and people's consequent belief that the economy is not on fire and the Fed will not move very aggressively to raise interest rates," said Anthony Karydakis, senior financial economist at Banc One Capital Markets.
But Karydakis said the fact that the rally was soundly based did not mean it had much more potential.
"That's because even though the Fed is going to be tightening monetary policy at a measured pace, it will still be tightening, so there are some limits as to how far the rally can go," he said. "You may have some soft economic data ahead, but it would take a major derailment of the economic expansion for the market to improve from these levels."
John Canavan, market analyst at Stone & McCarthy Research Associates, said a little optimism about the five-year note auction put a positive cast on Treasury prices and that the Fed's purchase of coupons was also helpful.
But essentially, he said, "we're looking at a market that's largely just stabilizing after rallying last week and waiting for another reason to move."
But Canavan also doubted the market's ability to move much higher from current price levels.
"There had been some bond-friendly news recently -- the Fed's use of the 'measured pace' phrase at the end of its last policy meeting and some below-expectation economic numbers," Canavan noted. "If the small deceleration in economic growth continued, bond prices could go higher; but if the economy maintains its momentum and the few weaker numbers that we've seen are merely a blip, then I don't think we have much more upside here."
The central bank's thinking may be a bit clearer when Fed Vice Chairman Roger Ferguson speaks at 1:00 p.m. EDT (1700 GMT) on the topic of productivity.
His remarks will be published just as the results of the five-year auction are released, so they should have no direct impact on the sale. The current five-year note (US5YT=RR) was up 2/32 and its yield eased to 3.62 percent from 3.63 percent late on Tuesday. The new note was yielding around 3.6575 percent in when-issued trading.
Key, as usual, will be the interest of indirect bidders, including customers of primary dealers and foreign central banks. Traders doubted they would see a repeat of June's sale, when indirect bidders took a record 56 percent of the issue.
"We expect something closer to 35 percent, which was the level of indirect customer bids awarded in the May and December auctions," said UBS Treasury market strategist Mark Mahoney.
He noted five-year yields had fallen nearly 50 basis points, or half a percentage point, from their highs last month, making the issue more expensive both outright and relative to the two- and 10-year notes.
"That will make today's five-year auction more of a challenge than the last two have been," he added.
Among the other maturities, the 30-year bond (US30YT=RR) rose 3/32, its yield steady at 5.22 percent.
Yields on the two-year note (US2YT=RR) were barely changed for a second session at 2.54 percent, having fallen over 20 basis points in just over a week.
...Reuters
US Treasuries edge higher before 5-year auction
Wednesday July 7, 12:29 pm ET
By Ellen Freilich
(Updates comment, prices)
NEW YORK, July 7 (Reuters) - Treasury debt prices turned higher on Wednesday, bolstered by the Federal Reserve's purchase of coupons and some optimism about demand for the Treasury's imminent auction of $15 billion in five-year notes.
The Fed said it bought $1.557 billion in coupons maturing from July 31, 2005 to January 31, 2006.
There was little in the way of economic data to provide direction.
The benchmark 10-year Treasury note (US10YT=RR) rose 3/32 in price, while its yield eased to 4.47 percent from 4.48 percent late Tuesday. Still, that was well below the 4.76 percent peak of last week, reflecting the view that the Fed will not have to hike interest rates as high as once thought.
Still, analysts had doubts as to how much higher bond prices could go.
"The rally we have had is legitimate given the kind of data that we got in the last few days and people's consequent belief that the economy is not on fire and the Fed will not move very aggressively to raise interest rates," said Anthony Karydakis, senior financial economist at Banc One Capital Markets.
But Karydakis said the fact that the rally was soundly based did not mean it had much more potential.
"That's because even though the Fed is going to be tightening monetary policy at a measured pace, it will still be tightening, so there are some limits as to how far the rally can go," he said. "You may have some soft economic data ahead, but it would take a major derailment of the economic expansion for the market to improve from these levels."
John Canavan, market analyst at Stone & McCarthy Research Associates, said a little optimism about the five-year note auction put a positive cast on Treasury prices and that the Fed's purchase of coupons was also helpful.
But essentially, he said, "we're looking at a market that's largely just stabilizing after rallying last week and waiting for another reason to move."
But Canavan also doubted the market's ability to move much higher from current price levels.
"There had been some bond-friendly news recently -- the Fed's use of the 'measured pace' phrase at the end of its last policy meeting and some below-expectation economic numbers," Canavan noted. "If the small deceleration in economic growth continued, bond prices could go higher; but if the economy maintains its momentum and the few weaker numbers that we've seen are merely a blip, then I don't think we have much more upside here."
The central bank's thinking may be a bit clearer when Fed Vice Chairman Roger Ferguson speaks at 1:00 p.m. EDT (1700 GMT) on the topic of productivity.
His remarks will be published just as the results of the five-year auction are released, so they should have no direct impact on the sale. The current five-year note (US5YT=RR) was up 2/32 and its yield eased to 3.62 percent from 3.63 percent late on Tuesday. The new note was yielding around 3.6575 percent in when-issued trading.
Key, as usual, will be the interest of indirect bidders, including customers of primary dealers and foreign central banks. Traders doubted they would see a repeat of June's sale, when indirect bidders took a record 56 percent of the issue.
"We expect something closer to 35 percent, which was the level of indirect customer bids awarded in the May and December auctions," said UBS Treasury market strategist Mark Mahoney.
He noted five-year yields had fallen nearly 50 basis points, or half a percentage point, from their highs last month, making the issue more expensive both outright and relative to the two- and 10-year notes.
"That will make today's five-year auction more of a challenge than the last two have been," he added.
Among the other maturities, the 30-year bond (US30YT=RR) rose 3/32, its yield steady at 5.22 percent.
Yields on the two-year note (US2YT=RR) were barely changed for a second session at 2.54 percent, having fallen over 20 basis points in just over a week.
zappolaterra
Forumer storico
a rega.....
c'ho 'na cosa in mano................................................................................................................................................................................................................................................
c'ho 'na cosa in mano................................................................................................................................................................................................................................................
Fool
Forumer storico
zappolaterra ha scritto:a rega.....
c'ho 'na cosa in mano................................................................................................................................................................................................................................................
che c'hai?!?!?!
dan24
Forumer storico
zappolaterra ha scritto:a rega.....
c'ho 'na cosa in mano................................................................................................................................................................................................................................................
molla il bussolo del viagra
arseniolupin
Forumer storico
zappolaterra ha scritto:a rega.....
c'ho 'na cosa in mano................................................................................................................................................................................................................................................
Fleursdumal
फूल की बुराई
dan24 ha scritto:Fleursdumal ha scritto:Nooooooooo chiudi gli occhi
non nominare quel nome invano
a gelosone di un siculo livornese
Fleursdumal
फूल की बुराई
dan24 ha scritto:Fleursdumal ha scritto:dan24 ha scritto:Fleursdumal ha scritto:Nooooooooo chiudi gli occhi
non nominare quel nome invano
a gelosone di un siculo livornese
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