Investors accepted the lowest yields ever for 10-year paper in a US Treasury auction shortly before the release of Federal Reserve minutes showing a bias towards more monetary easing.
The scale of demand at the auction suggests investors expect US interest rates to remain low for several years. The $21bn sale of 10-year paper sold at a yield of 1.459 per cent, the lowest ever in an auction.
Shortly afterwards, the minutes of the Fed’s June meeting showed that some officials on the rate-setting Federal Open Market Committee were already looking past the limited easing they announced in June.
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