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10-Year Treasury Slips As Investors Flock To Bonds Amid Mass Selling




US Treasury prices surged and yields fell as investors rushed to the safety of US government bonds amid a sell-off in financial markets.

At 1:35 p.m. ET, the benchmark 10-year T-bill yield fell 6 basis points to 1.304% and the 30-year T-bill yield fell almost 6 basis points to 1.842%. Yields move in the opposite direction to prices.

China’s second-largest real estate developer, Evergrande, is on the brink of default and is sending shockwaves through markets as some analysts warn the pain that could result from its collapse spreads beyond China.

“We do not expect any contagion from Evergrande to trigger a similar dynamic in the current episode, but the feedback loop between stock volatility, financial conditions, monetary policy, and US rates nonetheless deserves attention. be highlighted as collective market angst deepens, “said Ian Lyngen of BMO Capital Markets.

Homebuilders’ sentiment improved for the first time in three months, according to data released by the National Association of Home Builders on Monday morning, following a sharp drop in lumber prices.

Meanwhile, US Treasury Secretary Janet Yellen on Sunday asked Congress to raise the federal debt ceiling. In an opinion piece in the Wall Street Journal, Yellen said failure to raise the debt ceiling could trigger a historic financial crisis.

In addition, investors are eagerly awaiting another Federal Reserve meeting, which President Jerome Powell is due to speak on Wednesday. Powell has previously said the central bank could start lifting monetary stimulus before the end of the year and investors will be looking for clues about the process of reduction.

CNBC’s Yun Li contributed reporting




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