Treasurys pared their losses in early afternoon trade Friday after some of the euphoria over the U.S. auto bailout moderated, though yields on mid-term maturities made sizeable one-day rises.
The 10-year Treasury note last traded flat, with yields (UST10Y) at 2.08%, roughly in line with levels late Thursday. Yields on the benchmark security, which move inversely to prices, had fallen as much as 0.9% earlier, sending yields 11 basis points higher.
In light and choppy trading ahead of a holiday-shortened week, short to medium term Treasurys (UST2YR) took the brunt of selling. Yields on two-year rose 5 basis points to 0.74%, three-year note yields gained 8 basis points to 1.01% and five-year notes advanced 6 basis points to 1.32%.
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