Reuters logo
TREASURIES-Bonds steady as global central bankers in focus
August 21, 2017 / 7:01 PM / a month ago

TREASURIES-Bonds steady as global central bankers in focus

 (Updates prices)
    * Jackson Hole conference watched for monetary policy clues
    * ECB's Draghi to speak on Wednesday

    By Karen Brettell
    NEW YORK, Aug 21 (Reuters) - U.S. Treasuries were steady on
Monday as investors awaited speeches by top global central
bankers later this week for further signals about monetary
policy, with no major data releases to set market direction.
    Investors were focused on this week's annual central banking
conference in Jackson Hole, Wyoming, which begins on Thursday.
Federal Reserve Chair Janet Yellen and European Central Bank
President Mario Draghi are due to speak at the conference.
    Draghi, who will also speak at an event in Germany on
Wednesday, will be the main focus as investors watch for any
indications that the ECB may begin paring asset purchases.
    "Are they going to try to pare back asset purchases, what
their thinking is on inflation," are among the main questions, 
said Subadra Rajappa, head of U.S. interest rate strategy at
Societe Generale in New York.
    Yellen's speech on Friday will center on financial stability
and is seen as less likely to provide clues on the Fed's balance
sheet plans.
    Many analysts and investors expect the U.S. central bank
will announce a plan to reduce its balance sheet at its
September policy meeting.
    Treasury yields fell to almost two-month lows on Friday as
the continued shakeup and infighting at the White House reduced
expectations that lawmakers will pass fiscal measures aimed at
boosting growth.
    U.S. President Donald Trump on Friday fired his chief
strategist Steve Bannon in the latest White House personnel
change.             
    Many investors were seen as reluctant to buy Treasuries at
relatively low yields, however, which kept a cap on the bond
rally.
    "Yields have refused to meaningfully rally," Rajappa said.
"I think the market's resisting going mass long at these levels
because everything looks very rich."
    Benchmark 10-year notes             gained 4/32 in price to
yield 2.18 percent, down from 2.19 percent on Friday.

 (Editing by Meredith Mazzilli and Paul Simao)
  
 
 )

Our Standards:The Thomson Reuters Trust Principles.
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