Treasury two-year note yields dropped to a record low after reports showed a gauge of New York manufacturing trailed economists’ estimates and production at U.S. manufacturers declined.
Yields on two-year notes, the most sensitive to changes in Federal Reserve policy, fell to 0.5767 percent, below the previous record of 0.5856 percent reached on June 30. Bank of America Merrill Lynch Index data show Treasuries have gained 1.3 percent in the past month as concerned increased that the U.S. economy may be sliding back to recession.
“There has been a continuing string of poor data, which is at odds with the positive earnings season,” said George Goncalves, head of interest-rate strategy at Nomura Holdings Inc., one of 18 primary dealers that trade with the Federal Reserve. “The data is telling you things are slowing down.”
The yield on the 10-year Treasury note fell 5 basis points, or 0.05 percentage point, to 2.99 percent at 10:18 a.m. in New York, according to BGCantor Market Data. The 3.5 percent security due in May 2020 rose 14/32, or $4.38 per $1,000 face amount, to 104 9/32.
Stocks tumbled, with the Standard & Poor’s 500 Index falling 1.1 percent.
Treasuries extended gains after data showed manufacturing in the Philadelphia region cooled in July as orders fell for the first time in a year. The Federal Reserve Bank of Philadelphia’s general economic index fell to 5.1, the lowest level since August 2009, from 8 in June. Readings above zero signal growth.
The 0.5 percent decline last month in prices paid to factories, farmers and other producers compared with a 0.1 percent median drop projected in a Bloomberg survey of economists and followed a 0.3 percent decline in May, figures from the Labor Department showed today in Washington. Excluding food and fuel, so-called core prices climbed 0.1 percent, matching the median estimate.
By Businessweek
Tags: bank of america, economists, Federal Reserve, financial system, interest rates, us, us economic, us economy, us manufactured, us stocks, us treasury
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