YIELDS on government securities (GS) declined last week as the market expects smaller rate increases from the US Federal Reserve and the Bangko Sentral ng Pilipinas. READ:
YIELDS on government securities declined last week as the market expects smaller rate increases from the US Federal Reserve and the Bangko Sentral ng Pilipinas.
At the belly of the curve, rates of the two-, three-, four-, five-, and seven-year Treasury bonds decreased by 20.82 bps , 20.78 bps , 22.43 bps , 25.83 bps , and 30.6 bps , respectively. A bond trader attributed the downward movement of GS rates last week to investors’ preference for higher-yielding longer tenors amid expectations of slower tightening by the Fed and the BSP.
On Wednesday, Philadelphia Federal Reserve President Patrick Harker signaled a less hawkish stance, Reuters reported.
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