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Bond Report: Treasury yields briefly hit 2nd lowest on record after weak retail sales

Treasury prices rose sharply, briefly pushing yields to their second lowest level ever, after weaker-than-expected retails sales numbers as well as a drop in wholesale prices triggered concerns of a slowing momentum in economic growth.

Investors interpreted both data releases through the lens of the monetary policy, concluding the Federal Reserve is unlikely to increase interest rates this year, given sluggish growth.

U.S. retail sales stalled in July after three straight monthly gains. Meanwhile, U.S. wholesale prices fell 0.4% in July, the biggest drop since September 2015.

The yield on the 10-year Treasury note TMUBMUSD10Y, -2.88% the U.S. benchmark, dropped below the 1.50% threshold, briefly hitting its second lowest level in history at 1.479%.

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