Mid-Session Interest Rate and Treasuries Report

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April 12th, 2012

US Treasury markets trended higher during the early morning hours but reversed course after this morning’s wave of US economic data. The early lift in prices came in the wake of this morning’s Italian government bond offering that produced yields more than 100 basis points above mid-March levels. June 30-Year Bonds climbed to their best level of the morning in response to a larger than expected increase in weekly jobless claims to their highest level since January. Meanwhile, US equity markets turned higher and were up around 1.0% in later morning hours, and that served to reduce safe-haven demand for US government debt. There were also some concerns among traders that the recent decline in 30-Year Bond yields could have an impact on demand at today’s $13 billion auction.

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