Wednesday, December 07, 2022

US yields fall after UK data and tax turnaround

US yields fall after UK data and tax turnaround

Lieutenant Chuck Mikolajczak

nuevaNew YorkOctober 3 – The benchmark 10-year US Treasury bond yield fell on Monday after British Prime Minister Liz Truss was forced to abandon a tax-cutting plan, and data on economic indicators showed a slowdown in the local manufacturing sector.

* The truss back then planned to completely eliminate the 45% tax on the top income rate, part of a plan that saw the Bank of England step in and buy government bonds to support a shrinking market declare. Financial plans for the last few days.

* “What was happening abroad and especially in the UK and its fiscal policy changes, that was the piece that added an extra leg of volatility, especially here in the fixed income markets,” said of fixed income at the Bryn Mawr Trust Director Jim Barnes said. ,

* “This morning, it appears the UK is retreating a bit, with the market taking cues from some overseas bond activity.”

* The yield on the 10-year Treasury bond fell 13.4 basis points to 3.670%. Last week, yields hit a 14-year high of 4.109%, before falling following the Bank of England’s intervention.

* The 30-year Treasury bond yield fell 4.3 basis points to 3.721%.

* Yields have declined after the Institute of Supply Management survey (Indian system of medicine), which showed manufacturing activity in September its weakest in nearly two-and-a-half years, as new orders contracted, and a measure of factory-gate inflation, slowed for the sixth consecutive month.

*Investors will be watching a flurry of data this week, including various labor market reports leading up to Friday’s US payrolls report.

* A closely watched part of the Treasury yield curve, which measures the difference between 2-year and 10-year bonds seen as a reliable indicator of an economic slowdown, compared to the two-week -57.85 Came in at -45.2 basis points. Earlier

* The two-year Treasury yield, which generally moves in line with interest rate expectations, fell 8.9 basis points to 4.120%.

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