{"id":10050,"date":"2023-05-17T15:57:26","date_gmt":"2023-05-17T19:57:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/2-and-10-year-treasury-yields-end-at-almost-one-month-highs-after-bidens-optimism-on-debt-ceiling-deal\/"},"modified":"2023-05-17T15:57:26","modified_gmt":"2023-05-17T19:57:26","slug":"2-and-10-year-treasury-yields-end-at-almost-one-month-highs-after-bidens-optimism-on-debt-ceiling-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10050","title":{"rendered":"2- and 10-year Treasury yields end at almost one-month highs after Biden\u2019s optimism on debt-ceiling deal"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002064633\" role=\"document\">\n<p>Treasury yields jumped on Wednesday,  sending the 2- and 10-year rates to their highest levels in almost a month, after President Joe Biden expressed confidence about the ability to reach a U.S. debt-ceiling deal.<\/p>\n<h2>What happened<\/h2>\n<ul class=\"articleList\">\n<li>\n      The yield on the 2-year Treasury\u00a0<br \/>\n        TMUBMUSD02Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">4.160%<\/bg-quote><br \/>\n       rose \u00a08.4 basis points to 4.156% from 4.072% on Tuesday. Wednesday\u2019s level is the highest since  April 21. The 2-year rate is up 25.7 basis points over the past five trading days, according to 3 p.m. figures from Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      The yield on the 10-year Treasury\u00a0<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.575%<\/bg-quote><br \/>\n       advanced 3.2 basis points to 3.580% from\u00a03.548% on Tuesday.  Wednesday\u2019s level is the highest since April 19.  The 10-year yield is up 18.4 basis points over the last four trading sessions.<\/p>\n<\/li>\n<li>\n      The  yield on the 30-year Treasury<br \/>\n        TMUBMUSD30Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.872%<\/bg-quote><br \/>\n       rose less than 1 basis point to 3.878% from 3.871% late Tuesday. Wednesday\u2019s level is the highest since March 7.  The 30-year rate is up 13.1 basis points over the past four trading days.<\/p>\n<\/li>\n<\/ul>\n<h2>What drove markets<\/h2>\n<p>During a brief speech at the White House on Wednesday, Biden was upbeat about progress on the U.S. debt ceiling and said he was \u201cconfident\u201d about reaching an bipartisan agreement as discussions continue in coming days. \u201cAmerica will not default,\u201d the president said.\u00a0<\/p>\n<div class=\"paywall\">\n<p>Meanwhile, housing data released earlier in the day came in mixed. U.S. construction of new homes rose 2.2% in April, to a 1.4 million annual pace \u2014 roughly matching economists\u2019 expectations on Wall Street. However, building permits, a sign of future construction, fell 1.5% to a 1.42 million rate.<\/p>\n<p>Some analysts are considering the possibility that the U.S. economy may be stronger than originally thought, after Tuesday\u2019s data showed a slight rebound in U.S. retail sales for April and industrial production rose after two flat months. However, fresh worries emerged about China\u2019s disappointing reopening recovery and whether it could drag down U.S. and global growth.<\/p>\n<p><strong>Read: <\/strong>\u2018Survival of the strongest\u2019: How pandemic-era shifts may upend market\u2019s recession narrative  <\/p>\n<p><strong>See also:<\/strong> China\u2019s reopening recovery is running out of steam and starting to worry financial markets<\/p>\n<p>Wednesday\u2019s $15 billion auction of 20-year Treasury bonds came in \u201cstrong,\u201d according to BMO Capital Markets strategist Ben Jeffery.<\/p>\n<p>On Friday, Federal Reserve Chairman Jerome Powell is set to make an appearance and investors will be looking to see if he provides any new guidance on the path of interest rates.<\/p>\n<h2>What analysts are saying<\/h2>\n<p>President Biden and House Speaker Kevin McCarthy \u201ccontinue to spar in the headlines, but we are starting to see enough common themes in their views to feel confident that a deal is going to be announced in relatively short order,\u201d said Thomas Simons, a U.S. economist at Jefferies. <\/p>\n<p>\u201cGiven the June 1 x-date warnings from Treasury and the time it takes for the legislative process to play out, we could see an announcement of a framework as soon as Sunday when Biden returns from his trip to Japan for the G-7 meetings,\u201d Simons wrote in a note on Wednesday.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/treasury-prices-hold-steady-ahead-of-housing-starts-while-debt-ceiling-concerns-remain-d6d671c4?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury yields jumped on Wednesday, sending the 2- and 10-year rates to their highest levels in almost a month, after President Joe Biden expressed confidence about the ability to reach a U.S. debt-ceiling deal. What happened The yield on the 2-year Treasury\u00a0 TMUBMUSD02Y, 4.160% rose \u00a08.4 basis points to 4.156% from 4.072% on Tuesday. Wednesday\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-10050","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2- and 10-year Treasury yields end at almost one-month highs after Biden\u2019s optimism on debt-ceiling deal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Treasury yields jumped on Wednesday, sending the 2- and 10-year rates to their highest levels in almost a month, after President Joe Biden expressed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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