Treasury yields fall on news of New Home declines
New home sales were down in February, and the results were weaker than expected. This caused US Treasury yields to decline, and we can expect mortgage rates to follow. Here's the whole story from Reuters:U.S. Treasury debt prices extended gains on Friday on weaker-than-expected February new home sales data, which suggested the Federal Reserve's 21-month monetary tightening campaign may well be nearly done.
New home sales came in at an annual rate of 1.080 million units, falling short of economists' expectations of 1.200 million. The government also revised down January's result to 1.207 million from 1.233 million.
Benchmark 10-year notes US10YT=RR, up in early trade on data showing weaker-than-expected business investment, extended gains to trade 8/32 higher for a yield of 4.70 percent versus 4.74 percent late on Thursday.
posted by Vincent Biondillo @ 9:40 AM
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