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Treasuries advanced after US President Donald Trump said in an interview that the dollar was “getting too strong” and that Federal Reserve chair Janet Yellen was “not toast” when her term ends in 2018.

The yield on the 10-year Treasury dropped as much as 4 basis points to 2.257 per cent, before paring its advance to 2.268 per cent. It marked the lowest yield on the 10-year note since the immediate aftermath of the US election last November. Yields fall as bond prices climb.

In an interview with the Wall Street Journal, Mr Trump said that he does “like a low-interest rate policy, I must be honest with you.”

Shorter maturing Treasuries also advanced, with the yield on the two-year note falling 1 basis point to 1.23 per cent and the yield on the five-year falling 2 basis points to 1.81 per cent.

Copyright The Financial Times Limited 2017. All rights reserved.

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