U.S. 30-Year Yields Snap Gain Before Spain Auction, Fed Decision


20/06/2012 08:02 AST  Bloomberg

Treasury 30-year yields snapped a gain before Spain auctions bonds tomorrow as European leaders struggle to contain the region’s debt crisis.

Two-year U.S. yields remained higher after a back-to-back climb amid speculation the Federal Reserve will decide to take more steps to stimulate the economy at a meeting that ends today. The Fed’s so-called Operation Twist program, in which the central bank sells shorter-dated Treasuries and buys an equal amount of longer-dated debt, is set to expire this month.

“Treasuries are being bought amid a flight to quality and expectations of additional easing,” said Hiroki Shimazu, an economist in Tokyo at SMBC Nikko Securities Inc., a unit of Japan’s second-largest bank by market value. “I expect the Fed to extend the Twist operation.”

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