Market Snapshot: U.S. 2yr Yield Continues to Climb; German 2yr Yield Hits Record Low

Yields on 2-year U.S. Treasury notes increased again today, according to data from Tradeweb.

The bid yield on the 2-year U.S. Treasury note was 0.922% as of 2:30 PM EST, up 3.4 bps from Friday’s close of 0.888%. Today’s intraday high was 0.946%, while the intraday low was 0.922%. On Friday, this security closed at 0.913%, its highest point since May 4, 2010, when the 2-year Treasury note ended the day at 0.956%.

The bid yield on the 10-year U.S. Treasury note was 2.246% as of 2:30 PM EST, down 1.6 bps from yesterday’s close of 2.262%. Today’s intraday low was 2.239%, while the intraday high was 2.298%. 

These moves follow the release of data from the National Association of Realtors indicating existing home sales fell 3.4% in October. 

In Europe, the bid yield on the 2-year German note was -0.392%, down 1 bps from Friday’s close of -0.382%. Today’s intraday low was -0.392%, while the intraday high was -0.377%. This is the security’s lowest point on record since Tradeweb began tracking the data in 2008. 

The bid yield on the 10-year German Bund was 0.524%, up 4.4 bps from Friday’s close of 0.480%. Today’s intraday high was 0.548%, while the intraday low was 0.479%.

These moves come amid continued discussion of ECB President Mario Draghi’s willingness to expand QE in light of continued economic weakness in the Eurozone.  

The charts below are based on indicative, real-time data from Tradeweb.

CHART 1: U.S. 2-Year Treasury Yields – November 25, 2014 – November 23, 2015 (12 Month View)

CHART 2: U.S. 10-Year Treasury Yields – November 25, 2014 – November 23, 2015 (12 Month View)