U.S. Treasury yields tumbled on Monday, with 10-year yields hitting the lowest s...
NEW YORK - U.S. Treasury yields tumbled on Monday, with 10-year yields hitting the lowest since November 2016, as fears over escalating U.S.-China trade tensions renewed concerns about an economic downturn and spurred a fourth straight session of gains in bonds.
Chinese state media said local firms have halted U.S. agricultural purchases, elevating anxiety about tit-for-tat moves by the world’s two biggest economies. The Chinese measures followed U.S. President Donald Trump’s threat last week to impose 10% tariffs on $300 billion of Chinese imports starting Sept. 1.
The Institute for Supply Management’s index on U.S. services activity showed the vast economic sector’s growth slowed to its weakest level in three years in July. The Treasuries market recorded a total return of 1.31% last week, which was its biggest weekly gain since November 2011, according to an index compiled by Bloomberg and Barclays.
Interest rates futures implied traders fully expect the U.S. Federal Reserve to lower rates again at its Sept. 17-18 policy meeting after cutting them last week for the first time since 2008, CME Group’s FedWatch program showed.
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