March 24, 2018

U.S. bonds get well after China denies reductions

13 January 2018, 06:19 | Hattie Nash

U.S. bonds get well after China denies reductions

U.S. bonds get well after China denies reductions

On the USA economic front, the Labor Department released a report showing import prices rose by much less than expected in the month of December.

The turnaround by treasuries was partly in reaction to the results of the Treasury Department's auction of $12 billion worth of thirty-year bonds, which attracted well above average demand.

Benchmark 10-year notes gained 6/32 in price to yield 2.53 percent, after rising as high as 2.597 on Wednesday, the highest since March 15.

The thirty-year bond auction drew a high yield of 2.867 percent and a bid-to-cover ratio of 2.74, while the ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.32.

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"The looking for trade relationships that are free and fair and reciprocal", he said, adding that one of the problems with China is that there is often no reciprocity as they are able to invest more easily into Europe and the U.S. than they allow investment into China.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, jumped 2 basis points to 2.73 percent, the yield on the long-term 30-year note rose almost 1 basis point to 3.43 percent while the yield on short-term 2-year slumped 2 basis points to 2.04 percent by 04:40 GMT.

Data on Thursday showed US producer prices fell for the first time in almost 1-1/2 years in December amid declining costs for services. But it didn't set a concrete end-date to the program, sparking criticism from some top officials including the German and Dutch central-bank governors.

The major European markets also ended the day mixed.

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Yields on US debt have been climbing this week amid expectations the improving global economy will boost inflation pressures around the world, just as major central banks scale back their asset purchases. That has curtailed the supply of European debt and driven up demand for USA fixed-income assets, which offer higher interest rates.

Data on Friday showed Chinese exports stayed buoyant in December, though imports missed forecasts after a very strong November.

Inflation is a primary threat to bonds because it erodes the purchasing power of their fixed payments. The next major event is the release of US consumer prices and retail sales later on Friday, where a soft outcome could drag the USA dollar down to the benefit of the Aussie and the kiwi.

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