Mid-Session Interest Rate and Treasuries Report

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April 9th, 2012

June bonds rallied to their highest level since March 12th as they had a further chance to react to Friday’s weaker than expected US Non-Farm Payroll data. The softness in the labor market appears to have renewed concerns over a slow rate of recovery in the US and one that might require further US Fed stimulus. Most of the Treasury gains were concentrated toward the long-end of the yield curve as traders reduced prospects for a hike in short term rates. Meanwhile, trading volume was quite a bit below average as Europe remained on holiday. Some traders indicated that the Treasury market also faced conflicting headwinds in the week ahead, with the Fed buying-back debt as part of Operation Twist and the US Treasury conducting $66 billion in auctions for 3 and 10-Year Notes and 30-Year Bonds.

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