The world’s biggest bond market sold off after weak Treasury sales, with traders also weighing mixed economic data and remarks from Federal Reserve speakers for clues on the policy outlook.
Treasuries extended losses after the US sold $70 billion of five-year notes at 4.553% — above the pre-auction level of 4.540%. An earlier offering of $69 billion in two-year notes also came on the soft side.
Just a few days before the Fed’s favorite price gauge, a report showed US consumer confidence unexpectedly rose in May — though recession expectations increased as well.
“Treasury yields are rising to the high of the day after the 5-year auction was poor,” said Peter Boockvar at The Boock Report.
“This follows the 2-year auction earlier today that was mediocre — and will be followed by a 7-year tomorrow.”
.Here are the top political news stories for today.
Peace is not an option for the US Govt. A large coalition of nations is de-dollarizing global trade. Without reserve currency status US money printing leads to hyperinflation and the collapse of the US debt system. The end of empire is near. It will take the world down with it.
@XemplaryLobby1stForward2yrs2Y
you are such a Gloomy Gus. Look on the bright side. The world, aka 'humanity' has survived the death of many empires. We always are the better for it.
It's gonna be a rough road, but I think the final destruction of the dollar is the only thing that can possibly save humanity, with the help of a few good men in positions of power. I give us a 50/50 chance to avoid global thermo-nuclear Armageddon. I like those odds.
@SenateSeatTimNo Labels2yrs2Y
I don't believe a collapse of the US Empire will take the world down with it, there will be years of crises and difficulty as a new political systems establish themselves, but following that there will be a Renaissance unlike anything experienced before.
@QuirkyS0cialistForward2yrs2Y
Unfortunately, the reason USD is global reserve currency was really not the doing of US government, but rather started by off shore banks loan out their USD deposit, creating what know as Euro Dollar. Countries uses EUro Dollar on their own volition for the convenience.
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
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