After being spurred to the highest levels since at least 2007 this week, most US government bond yields were lower.
Treasury yields declined in US trading Friday, paring weekly increases that pushed the 10-year note’s nearly to 5 per cent, as investors showed interest in risk-free rates at multiyear highs against a backdrop of escalating warfare in the Middle East.
The 10-year’s traded near 4.92 per cent near midday in New York after touching 4.993 per cent earlier Friday. It remained higher on the week by about 30 basis points, among the biggest moves in the past five years. Bond investors “do not have to worry about the FOMC for the foreseeable future, and now their focus has shifted” to geopolitics, said Tony Farren, managing director in rates sales and trading at Mischler Financial Group. Also, “the Treasury market was oversold”.
Bank of America interest-rate strategists, in changing their forecast for another rate hike to December from November, said part of the thinking on January was that a possible US government shutdown could delay the production of economic data the Fed relies on for decision-making.
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