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TREASURIES-Yields in narrow range as investors await economic signals

Ross Kerber
·2 min read

By Ross Kerber April 20 (Reuters) - Investors kept U.S. Treasury yields in a narrow range Tuesday as a scarcity of new economic data left traders waiting for further market developments. The benchmark 10-year yield was up less than a basis point at 1.6013% in morning trading. "Treasuries remain in a holding pattern with 10-year yields near 1.60% as the dearth of economic data this week leaves the U.S. rates market to drift sideways in anticipation of the next fundamental input," BMO Capital Markets managing director Ian Lyngen said in a note to investors. The pattern contrasted with volatile trading that drove the benchmark yield to a multi-week low of 1.528% on April 15. Upcoming events include a $24 billion auction of 20-year bonds by the U.S. Treasury set for Wednesday. Euro zone bond yields continued to rise on Tuesday, but moves were contained after a hefty sell-off on Monday in a data-light trading session just two days before the bloc's central bank meeting. Global shares edged further back from record highs as lofty sovereign bond yields and rising global COVID-19 cases had investors questioning high equity valuations, and futures pointed to another day of selling on Wall Street. 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 144 basis points, a basis point lower than Monday's close. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was unchanged at 0.1613%. April 20 Tuesday 8:56AM New York / 1256 GMT Price Current Net Yield % Change (bps) Three-month bills 0.0275 0.0279 0.000 Six-month bills 0.0425 0.0431 0.000 Two-year note 99-238/256 0.1613 0.000 Three-year note 100-28/256 0.3381 -0.003 Five-year note 99-160/256 0.8276 -0.001 Seven-year note 99-224/256 1.2688 -0.003 10-year note 95-176/256 1.6013 0.002 20-year bond 95-8/256 2.1852 0.006 30-year bond 90-232/256 2.2979 0.005 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 11.50 0.25 spread U.S. 3-year dollar swap 12.25 0.50 spread U.S. 5-year dollar swap 8.00 0.25 spread U.S. 10-year dollar swap -2.00 0.25 spread U.S. 30-year dollar swap -29.25 0.00 spread (Reporting by Ross Kerber in Boston; Editing by Susan Fenton)