Strong Demand for Treasuries Sets Stage for Another Record Sale [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: BNN Bloomberg
The US will sell $70 billion of five-year notes at 1 p.m. New York time, the largest amount ever offered for such a tenor. On Tuesday, it sold a record $69 billion of two-year notes at a yield of 4.898%, lower than where the rate was trading before the auction, a strong sign of buoyant demand. This week's hefty slate of supply — the last of the current funding cycle — will help determine whether this is a turning point for the market, which has weathered four straight weeks off losses. The rout briefly drove the two-year yield past the 5% mark, a level that could entice bond managers seeking to put money to work in short-dated maturities. For weeks, traders have been scaling back how many rate cuts they expect from the Federal Reserve and abandoning bullish wagers. The driver has been a string of resilient economic data and evidence that inflation will remain high for longer, compounding the threat of the government's outsized borrowing needs. But “demand for US Treasuries is r
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