Breaking Bond News: Long-dated UST Yields Edge Higher on Trump Promise

Breaking News: Long-dated UST yields are edging higher as President Trump promises a “big league” tax announcement (his words) in a few weeks. If Mr. Trump builds markets up, he must be careful not to disappoint. On the news, the 10-year UST yield surged 1.4 basis points to 2.37%.

Long-term yields are a bit higher ahead of today’s 30-year U.S. government bond auction. Given the strong indirect bidder participation, at yesterday’s 10-year UST note auction, I would expect indirect bidder demand to be somewhat soft.

The pattern typically is; strong indirect bidder participation at the 10-year auction when a new 10-year is issued, which coincides with a fairly soft 30-year auction. On the first re-opening, the situation often reverses. We shall soon see.

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Thomas Byrne

Thomas Byrne serves ad the Director of Fixed Income for Wealth Strategies Management LLC. Thomas brings 26 years of financial services experience to Wealth Strategies & Management LLC. He spent the last 23 years as Director of Taxable Fixed Income for Citigroup, Inc. and predecessor firms in New York, NY. During the course of his long fixed income career, Mr. Byrne was responsible for trading preferred stock, corporate bonds, mortgage backed securities, government debt, international debt and convertible bonds. Mr. Byrne was also responsible for marketing, sales, strategy and market commentary within the taxable fixed income markets. High yield/junk bonds (grade BB or below) are not investment grade securities, and are subject to higher interest rate, credit, and liquidity risks than those graded BBB and above. They generally should be part of a diversified portfolio for sophisticated investors. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

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