Treasuries little changed before $72 Billion U.S. debt auctions


Traders work in the ten-year U.S. Treasury Note options pit at the Chicago Board of Trade in Chicago. Photo - Bloomberg News

Washington: Treasuries were little changed the U.S. prepared to sell $72 billion of debt this week after losses on May 3 after employers added more jobs in April than forecast.

Yields fell briefly as Syria threatened retaliation against Israel after an aerial strike, increasing the risk of a wider regional conflict. The U.S. will sell $32 billion in three-year notes tomorrow, $24 billion in 10-year notes the next day and $16 billion of 30-year bonds on May 9.

"You have supply this week, as you have auctions in 3s, 10s and 30s," John Brady, managing director of global futures and options at futures broker R.J. O'Brien & Associates in Chicago, said in a phone interview. "When we came in there was some concern about Israel and Syria, but that seems to have dissipated."

The benchmark 10-year note yield was little changed at 1.74 percent as of 7:47 a.m. in New York, according to Bloomberg Bond Trader prices. The price of the 2 percent note due in February 2023 traded at 102 10/32. The yield slid 11 basis points on May 3.

Bond trading was closed in Europe and Asia for holidays.

Payrolls expanded by 165,000 workers last month following a revised 138,000 increase in March that was larger than first estimated, Labor Department figures showed May 3 in Washington. The median forecast of 90 economists surveyed by Bloomberg projected a 140,000 gain. Revisions to the prior two months' reports added a total of 114,000 jobs to the employment count in February and March.

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