Mid-Session Interest Rate and Treasuries Report

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August 15th, 2012

US Treasury markets came under heavy selling pressure during the initial morning hours as Asian markets reacted to yesterday’s favorable US retail sales figures. This pushed September 30-Year Bonds below last week’s low of 147-10 and appeared to trigger a round of stop-loss selling. Prices managed to recover heading into the first tier of US economic data. A benign inflation reading and weaker than expected manufacturing activity in New York helped Treasuries recover from their initial morning low. However, gains were shallow and prices reversed into new low on the session following the second wave of US economic readings. The latest round of upbeat economic data appears to have reduced the prospect of more Fed quantitative easing at their September meeting. Some traders also pointed to a very active flow of corporate issuance as another force pressuring Treasury prices lower.
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