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Low investor demand at a sale of 30-year US Treasuries on Thursday capped off a hat trick of soft auctions of US government debt this week.
Primary dealers responsible for underwriting the bonds were left taking home a larger-than-average share of both today’s $15bn 30-year auction and yesterday’s $23bn 10-year sale.
It comes as Treasury yields, which move inversely to price, have been rising alongside expectations that the Federal Reserve will raise interest rates when it meets in June. The 10-year yield is up 2 basis points for the week to 2.4 per cent, having climbed from a low of 2.17 per cent on April 18.