Mid-Session Interest Rate and Treasuries Report

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March 23rd, 2012

US Treasury markets trended higher throughout the morning hours, climbing for their fourth day in a row. The upside action in June 30-Year Bonds took on a new upward trajectory after this morning’s February New Home Sales data came in weaker than expected. The disappointing US housing market stats, couple with yesterday’s disappointing European and Chinese manufacturing readings, was seen supporting the case for a continuation of easy-money policies by from world central bankers. Some traders indicated that cash yields on the 30-Year Bond and 10-Year Note slipped below their 200 day moving average, which was seen turn as an important technical development. The US Fed is expected to conduct another round of buying at the long-end of the curve, this time buying around $2 billion in 25 to 30-Year Treasuries.

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