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TREASURIES-Yields flat after U.S. durable goods data

·3 min read

(Adds George comments, updates prices) By Chuck Mikolajczak Sept 25 (Reuters) - U.S. Treasury yields moved off earlier lows on Friday in the wake of an upbeat report on U.S. durable goods, while stocks shook off a weaker start to turn higher. The Commerce Department said orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 1.8% in August, above the 0.5% forecast. The report did little, however, to alter views that the economy was slowing down in its recovery from coronavirus-induced lockdowns as government support to businesses and the unemployed peters out. "Overall, it is more trends and it doesn’t feel that data is going to cause some massive volatility in the market the way it did and the way it will in six months," said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York. Democrats in the U.S. House of Representatives are working on a $2.2 trillion coronavirus stimulus package that could be voted on next week, a key lawmaker said on Thursday, as House Speaker Nancy Pelosi reiterated that she is ready to negotiate with the White House. Analysts at Jefferies noted that while the report points to a large capital expenditures contribution to economic growth in the third quarter, sustaining the momentum beyond that "will be difficult." The yield on 10-year Treasury notes was down 0.1 basis points to 0.663% after falling as low as 0.651% on the day. Kansas City Federal Reserve president Esther George said on Friday that the impact of the recession on households and businesses could still lead to a strain on the banking system which would deepen the recession, the second Fed official to warn of credit issues this week. The yield on the 10-year remained within the 6-basis-point range it has held since the Federal Reserve's most recent policy statement on Sept. 16, even as equities have struggled. The S&P 500 is poised to post its fourth straight week of declines. "Overall the market remains fairly rangebound. There is some intraday, intra-week volatility that when you really look at it, we just don’t go anywhere," said Lederer. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 0.2 basis points to 0.133%. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at 52.8 basis points, up slightly from a two-week low of 51.2 hit on Monday. September 25 Friday 2:33PM New York / 1833 GMT Price US T BONDS DEC0 176-30/32 -0-1/32 10YR TNotes DEC0 139-156/256 0-8/256 Price Current Net Yield % Change (bps) Three-month bills 0.1 0.1014 0.002 Six-month bills 0.11 0.1116 0.003 Two-year note 99-252/256 0.1328 -0.002 Three-year note 99-234/256 0.1541 -0.005 Five-year note 99-232/256 0.2689 -0.006 Seven-year note 99-112/256 0.4567 -0.005 10-year note 99-164/256 0.6626 -0.001 20-year bond 98-236/256 1.186 0.003 30-year bond 99-32/256 1.411 0.010 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 9.00 0.00 spread U.S. 3-year dollar swap 8.50 0.25 spread U.S. 5-year dollar swap 6.75 0.25 spread U.S. 10-year dollar swap 2.50 0.25 spread U.S. 30-year dollar swap -34.00 0.00 spread (Reporting by Chuck Mikolajczak; Editing by Dan Grebler and Cynthia Osterman)