Treasury to Buy Back $6B in Long Bonds as 10-Year Yield Hits 5.095%, Highest Since 2007
IXIC sits 30% above its 52-week low of $20,690.249.
Summary
The Treasury will buy back up to $6 billion of 20- to 30-year bonds tomorrow, while the 10-year yield has climbed to 5.095%, its highest since July 2007. Rising long-term yields pressure equity valuations, particularly for growth and technology stocks that dominate the Nasdaq. The buyback may provide some support to the long end, but the yield milestone signals persistent inflation or supply concerns. This follows the Fed's rate hike on September 16 and a string of market-moving macro headlines. Traders will watch tomorrow's buyback results and any further yield moves for direction.
At the time of this announcement, IXIC was trading at $26,952.51 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Mace News.