U.S. 10-Year Yields at 3-Month Low as U.S. Factory Index Drops

Paul Dykewicz

[Treasury Bonds]

U.S. 10-Year Yields at 3-Month Low as U.S. Factory Index Drops (Bloomberg)

Treasuries rose, pushing 10-year note yields to the lowest in three months, after a private report showed U.S. manufacturing slowed more than forecast in January as the Federal Reserve reduced its bond-buying monetary stimulus. U.S. Treasuries traded at the most expensive level two months, according to a gauge that measures value. Yields dropped in January as falling emerging-market currencies boosted demand for safety. The 10-year yield fell five basis points, or 0.05 percentage point, to 2.6 percent at 2:23 p.m. in New York, according to Bloomberg Bond Trader prices, after rising three basis points earlier. It touched 2.58 percent, the lowest level since Nov. 1. The yield sank 38 basis points in January. The price of the 2.75 percent security due in November 2023 added 13/32, or $4.06 per $1,000 face amount, to 101 10/32. Thirty-year bond yields dropped five basis points to 3.55 percent and touched 3.54 percent, the lowest level since July 23, after climbing three basis points earlier. They moved below the 200-day moving average for a second day, an indication they may drop further.

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With apologies to Yogi Berra for manipulating his quote above, the saying still holds: 2014’s market performance to date isn’t exactly a continuation of 2013’s bull run. In fact, it is just the opposite with the S&P 500 down 3.6 percent in the first month of the year.

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