Yields on Treasury notes sharply dropped as investors flocked to the government paper market, driving down the yield on the benchmark 10-year Treasury note to its lowest level in a month amid persisting skepticism regarding U.S. President Donald Trump’s pro-growth policy manifesto.
The yield on the 10-year note fell by 4.6 basis point to 2.263 percent, marking its biggest drop since June 14. The 30-year Treasury note yield edged down by 4.2 basis points to 2.851 percent. The two-year note’s yield fell 0.8 basis point to 1.352 percent.
Yields on long-dated bonds felt the pressure following Republican Majority Leader McConnell’s statement last Monday, expressing the lawmaker’s withdrawal of support for a new healthcare bill in the Senate. GOP policymakers announced on Tuesday there apparent failure to secure enough votes to repeal and substitute the Affordable Care Act, While a vote to simply repeal the bill, it is unsure if it will get enough support.
The collapse of the latest proposal to revamp the Obamacare is the latest blow to Trump’s policy promises, which has been widely perceived as business-friendly.
The material has been provided by InstaForex Company – www.instaforex.com
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