Bonds Rally As Equities Fall
Bonds are well-bid with extended buying into the long end of the curve. The 30yr is up 1.15% with a yield of 4.446% and the 10yr is up 0.6% with a yield of 3.447%. The 2yr is marginally higher with a yield of 1.45%.
The short end of the curve is under some selling pressure with the 4wk bill yield down 11bps to 1.77%. The 3-month bill yield is at 1.45% and the 6-month bill yield is at 1.56%.
Rumors of an emergency FED rate cut have once again proved to be false. FED Fund futures show a 96% chance of a 75 bps cut on March 18.
European bonds finished higher across the board with the 10yr Gilt up 0.16% with a yield of 4.28%. The German 10yr Bund gained 0.55% with a yield of 3.716%.