Trader yields move as Manuchi pulls Fed credit

Trader yields move as Manuchi pulls Fed credit

U.S. Treasury Secretary Steven Munuchi on Friday called on the U.S. to suspend several of the Federal Reserve’s emergency funding programs. Treasury yields have declined.

Yield on the benchmark 10 year Treasury note At 4:38 a.m. ET slipped to 0.836%, while yields 30 year Treasury bond Has come down to 1.547%. Yields continue to rise in price.

Treasury yield then declined Munuchi issued a letter He said on Thursday Will not expand the Fed’s programs In which Congressional Care Act funds were used. This reduces the Fed’s ability to support the financial system.

The Fed, in retaliation for Munuchin’s decision, said: “The Federal Reserve will prioritize that the full set of emergency facilities established during the coronavirus epidemic play their important role as a backstop for our still tense and weak economy.”

According to figures released by the Labor Department on Thursday, the U.S. The number of people filing for unemployment claims in was higher than expected.

The total number of Jubilees claims for the week is 742,000, ahead of the 710,000 estimates of economists surveyed by the Dow Jones.

There will be no auction on Friday.

CNBC’s Steve Lizman and Jeff Cox contributed to this article.

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