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_pennystock版 - U.S. 10-Year Notes Drop on Bets Japan to Buy Shorter Maturi
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1 (共1页)
b*****h
发帖数: 3386
1
U.S. 10-Year Notes Drop on Bets Japan to Buy Shorter Maturities
Tuesday, September 14, 2010
Sept. 15 (Bloomberg) -- Treasury 10-year notes fell for the first time in
three days on speculation Japan will buy shorter- term U.S. government debt
after selling the yen for the first time since 2004 to support its economy.
The added yield investors demand to hold 10-year notes over 2-year
securities increased to within 5 basis points of the highest level since the
Federal Reserve announced last month that it would resume buying government
bonds.
"People are re-evaluating the impact of the dollar purchases by the Japanese
," said Ira Jersey, an interest-rate strategist in New York at Credit Suisse
Group AG, one of the 18 primary dealers that trade directly with the Fed. "
It is presumed they will buy Treasuries, but the question is how much will
they buy."
The yield on the 10-year note increased 4 basis points, or 0.04 percentage
point, to 2.72 percent at 2:10 p.m. in New York, according to BGCantor
Market Data. The price of the 2.625 percent security maturing in August 2020
dropped 11/32, or $3.44 per $1,000 face amount, to 99 5/32.
Japan intervened in the foreign-exchange market as the yen's climb to a 15-
year high against the dollar threatened to slow the Asian nation's exports.
Finance Minister Yoshihiko Noda of Japan told reporters in Tokyo the yen
sales were unilateral. Traders speculated that Japanese banks in New York
were buying dollars on behalf of the central bank to continue intervention.
Drop in Yen
The yen slid 3 percent to 85.58 against the dollar after earlier reaching 82
.88, the strongest level since May 1995. The currency has climbed 9.3
percent this year.
The difference in yield between 10- and 2-year notes increased 0.04
percentage point to 2.23 percentage points. The spread widened yesterday to
2.27 percentage points, the widest since Aug. 10, when the Fed said it would
keep its bond holdings level by resuming the purchase of U.S. debt to
support a recovery it described as weaker than earlier anticipated.
Shorter-term Treasuries rose earlier today on speculation Japan will buy the
debt and as reports showed evidence that U.S. manufacturing growth is
slowing.
The New York Fed's gauge of the region's manufacturing unexpectedly fell to
4.1 in September, from 7.1 in the previous month. The median forecast of 50
economists in a Bloomberg News survey was for an increase to 8. Readings
greater than zero indicate expansion in New York, northern New Jersey and
southern Connecticut.
U.S. Output
U.S. industrial production rose 0.2 percent in August after a revised 0.6
percent gain in the previous month, the Fed reported today. The advance last
month matched the median forecast of 78 economists in a Bloomberg News
survey.
"The manufacturing-led recovery is losing upside momentum," said Steven
Ricchiuto, chief economist in New York at Mizuho Financial Group Inc., one
of the 18 primary dealers that trade directly with the Fed.
Treasury five-year notes also rose earlier today as the Fed bought $3.89
billion in Treasuries maturing from September 2014 to June 2016 to keep
borrowing costs low.
The Fed has bought $21.533 billion of Treasuries since Aug. 17 including
today's purchases. Policy makers are seeking to keep holdings in the System
Open Market Account at about $2.054 trillion by using the proceeds of
principal payments from its agency mortgage-backed securities and agency
debt.
The yield fell 7 basis points yesterday, the most since dropping 11 basis
points on Sept. 7, as investors speculated that the Fed will announce more
purchases of U.S. debt this year and as the dollar's drop against its most-
traded counterparts made Treasuries cheaper for international traders.
Global sovereign bonds have returned about 13 percent since Lehman Brothers
Holdings Inc. collapsed two years ago, according to Bank of America Merrill
Lynch indexes. The MSCI World Index of shares has delivered a 4.4 percent
loss in the period after accounting for dividends.
1 (共1页)
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