Reuters logo
4 years ago
TREASURIES-Yields fall as Bernanke pushes back tapering expectations
July 17, 2013 / 1:11 PM / 4 years ago

TREASURIES-Yields fall as Bernanke pushes back tapering expectations

* 10-year yields fall to lowest since July 3
    * Bernanke says plans to pare bond purchases is flexible
    * Traders see timing of tapering pushed back

    By Karen Brettell
    NEW YORK, July 17 (Reuters) - Treasuries yields fell to
their lowest levels in two weeks on Wednesday after Federal
Reserve Chairman Ben Bernanke said plans to pare its bond
purchase program are not set in stone, pushing back expectations
of when a pullback may begin.
    While sticking closely to a time line he first outlined last
month that the Fed would halt bond buying by mid-2014, when
unemployment was projected to be around 7 percent, Bernanke went
out of his way to stress that nothing was certain.
    "Our asset purchases depend on economic and financial
developments, but they are by no means on a preset course," he
told the U.S. House of Representatives Financial Services
Committee in prepared remarks. 
    "It looks like the timeframe for tapering has been pushed
out," said Sean Murphy, a Treasuries trader at Societe Generale
in New York. "Guys were looking at September for the start of
this tapering and he's pretty much made it clear that may not be
the case."
    Benchmark 10-year Treasuries were last up 9/32
in price to yield 2.50 percent, the lowest level since July 3
and down from 2.55 percent before the comments.
    Bernanke will take questions from lawmakers after he
presents the testimony at 10 a.m. EDT (1400 GMT).

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below