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Interest Rate and Treasuries Market Recap

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August 7th, 2012

US Treasury markets traded sharply lower throughout the session, pressured by growing prospects that the ECB could be closer to a round of bond buying. Global equity markets rallied and the US dollar sold off, which further helped to tamp down safety demand for Treasuries. Comments from the Fed official Rosengren earlier this morning talking in favor of more asset purchases by the Central Bank might have limited earlier losses. This afternoon’s $32.0 billion 3-Year Note auction drew a slightly higher yield of 0.37%, with an average bid to cover ratio. Prices across the Treasury curve sold off into new low ground for the session shortly thereafter. Some traders suggested that the market was likely to face a negative headwind ahead of tomorrow’s $24.0 billion 10-Year Note and $16.0 billion 30-Year Bond auction on Thursday.
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