Mid-Session Interest Rate and Treasuries Report

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June 28th, 2012

US Treasury markets rallied on a renewed safety bid that came from the start of a two-day EU Summit and weakness in outside markets. Some traders were of the view that the gathering of European officials would amount to little in the way to resolve the region’s debt situation. This morning’s US economic data on initial jobless claims showed an unexpected decline, and that offered a modest set back in prices. However, ongoing weakness in equity markets and a US Supreme Court decision to uphold the healthcare mandate served to promote the move to safety and push prices higher across the curve. September 30-Year Bonds rallied to their highest level in seven sessions. Traders expected a good turnout at today’s $29-billion 7-Year Note auction, helped by a boost in flight-to-quality demand, as well as the reports that the Fed was buying as part of operation twist.
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