US: 10-year T-bond yield surpasses 3% for the first time since mid-June

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The yield on the 10-year US Treasury bond gained traction in the last hour and broke above the critical 3% mark for the first since June 13. The U.S. Department of Treasury’s recently published Quarterly Refunding Statement seems to be the primary driver of that increase in yields. As of writing, the 10-year yield was up 1.4% on the day at 3.005%.

“The U.S. Department of the Treasury is offering $78 billion of Treasury securities to refund approximately $38.2 billion of privately-held Treasury notes maturing on August 15, 2018.  This issuance will raise new cash of approximately $39.8 billion,” the statement noted. Below is the list of securities being offered:

  • A 3-year note in the amount of $34 billion, maturing August 15, 2021;
  • A 10-year note in the amount of $26 billion, maturing August 15, 2028; 
  • A 30-year bond in the amount of $18 billion, maturing August 15, 2048.
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