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United States

Gertrude Chavez-Dreyfuss

Jeff Mason is a White House Correspondent for Reuters and the 2016-2017 president of the White House Correspondents’ Association. He was the lead Reuters correspondent for President Barack Obama's 2012 campaign and interviewed the president at the White House in 2015. Jeff has been based in Washington since 2008, when he covered the historic race between Obama, Hillary Clinton and John McCain. Jeff started his career in Frankfurt, Germany, where he covered the airline industry before moving to Brussels, Belgium, where he covered the European Union. He is a Colorado native, proud graduate of Northwestern University and former Fulbright scholar.

Twitter handle: @jeffmason1

Aug 17 2018

TREASURIES-U.S. yields slip on Turkey, but U.S. China-trade talks spur optimism

* Treasuries rise on optimism over U.S.-China trade talks * U.S. warns of more sanctions on Turkey * Turkish lira, other EM currencies fall (Recasts, adds comment, updates prices) By Gertrude Chavez-Dreyfuss NEW YORK, Aug 17 U.S. Treasury yields were slightly lower on Friday, as risk aversion worsened slightly after the Turkish lira weakened again following warnings of further U.S. tariffs, reigniting worries about an emerging market currency crisis. But yields came off their lows after The Wall Street Journal reported Friday afternoon that Chinese and U.S. negotiators are drawing up a road map for their trade talks next week. Both countries aim to resolve an escalating tariff war. Following the report, U.S. stocks rallied. A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will meet U.S. representatives, China's Ministry of Commerce said on Thursday. The world's two largest economies are due to impose tariffs on billions of dollars of each other's goods beginning Aug. 23, on top of levies that took effect on July 6. "The pending talks have taken some of the bid out of Treasuries," said Kim Rupert, managing director of global fixed income at Action Economics in San Francisco. "I think it's more of the same that we have seen all spring where the president puts out some bombastic comments or policies, but they seemed to be just negotiating tactics. I do think we will see some resolution on this," he said. With China's economy already showing signs of slowing down based on recent data, it can ill afford trade tariffs from the United States, making a resolution of their dispute in China's best interest, analysts said. In afternoon trading, U.S. 10-year yields slipped to 2.869 percent, down from Thursday's 2.871 percent. The 30-year yields were down at 3.027 percent, from 3.032 percent late Thursday. Earlier, 30-year yields fell as low 3.003 percent, the weakest in four weeks. On the front end, U.S. 2-year yields fell to 2.616 percent from 2.620 percent on Thursday. The yield curve further flattened on Friday, with the spread between U.S. 5-year notes and U.S. 30-year bonds tightening to 27 basis points. A flatter yield curve reflects diminished risk appetite amid global tension. Earlier, yields were much lower after the United States late on Thursday warned Turkey to expect more economic sanctions unless it hands over detained American pastor Andrew Brunson, as relations between the two countries took another turn for the worse. Following those threats, the Turkish lira fell 5.2 percent against the U.S. dollar to 16 cents. Other emerging market currencies fell as well, such as the South African rand, the Mexican peso and the Russian ruble. August 17 Friday 3:38PM New York / 1938 GMT Price US T BONDS SEP8 144-20/32 0-3/32 10YR TNotes SEP8 120-72/256 0-4/256 Price Current Net Yield % Change (bps) Three-month bills 2.005 2.0427 -0.021 Six-month bills 2.175 2.2292 -0.001 Two-year note 100-4/256 2.6163 -0.004 Three-year note 100-44/256 2.6896 0.000 Five-year note 100 2.7498 0.002 Seven-year note 100-92/256 2.8175 0.000 10-year note 100-12/256 2.8695 -0.002 30-year bond 99-132/256 3.0247 -0.007 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 20.50 0.25 spread U.S. 3-year dollar swap 18.00 -0.25 spread U.S. 5-year dollar swap 14.00 -0.25 spread U.S. 10-year dollar swap 7.00 0.25 spread U.S. 30-year dollar swap -6.75 0.25 spread (Editing by Bernadette Baum and Leslie Adler)

Aug 17 2018

TREASURIES-U.S. yields dip as risk aversion rises on Turkey worries

By Gertrude Chavez-Dreyfuss NEW YORK, Aug 17 U.S. Treasury yields fell on Friday, as risk aversion worsened after the Turkish lira weakened again following warnings of further U.S. tariffs, reigniting worries about an emerging market currency crisis. Yields on U.S. 30-year bonds fell to four-week lows, further flattening the yield curve. Late on Thursday, the United States warned Turkey to expect more economic sanctions unless it hands over detained American pastor Andrew Brunson, as relations between the two countries took a further turn for the worse. The yield spread between U.S. 5-year notes and U.S. 30-year bonds tightened to 27.4 basis points, while the gap between U.S. 2-year and U.S. 10-year notes also shrank to 23.4 basis points. Among other things, a flatter yield curve reflects diminished risk appetite amid global tension. "Judging by the lira's performance, it appeared Turkey had calmed currency trader concerns before its markets shutter for an annual August break next week," said Jim Vogel, interest rate strategist at FTN Financial in Memphis, Tennessee. "But renewed U.S. threats late yesterday turned emerging market risk into a game of 'chicken'." Following threats of more sanctions, the Turkish lira fell 5.2 percent against the U.S. dollar to 16 U.S. cents. Other emerging market currencies fell as well on Friday, including the South African rand, the Mexican peso and the Russian ruble. The MSCI Emerging Market Currency Index has dropped 5.2 percent since the beginning of the year. Also exacerbating matters for Treasuries, China's equities fell another 1.4 percent to end the week, on concern over a potential slowdown in the world's second largest economy. In mid-morning trading, U.S. 10-year yields fell to 2.847 percent, down from Thursday's 2.871 percent. U.S. 30-year yields were down at 3.004 percent, from 3.032 percent late Thursday. Earlier in the session, 30-year yields fell as low 3.003 percent, the weakest in four weeks. On the front end of the curve, U.S. 2-year yields fell to 2.608 percent from 2.620 percent on Thursday. U.S. data showing a decline in the University of Michigan's preliminary consumer sentiment index for the month of August to 95.3 also added to the rally in Treasuries. August 16 Thursday 2:48AM New York / 648 GMT Price US T BONDS SEP8 144-13/32 -0-11/32 10YR TNotes SEP8 120-64/256 -0-48/25 6 Price Current Net Yield % Change (bps) Three-month bills 2.04 2.0789 0.010 Six-month bills 2.1875 2.2425 0.013 Two-year note 100 2.6246 0.021 Three-year note 100-40/256 2.6953 0.021 Five-year note 100-2/256 2.7481 0.024 Seven-year note 100-84/256 2.8226 0.026 10-year note 99-252/256 2.8768 0.026 30-year bond 99-48/256 3.0415 0.018 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 19.00 -0.25 spread U.S. 3-year dollar swap 16.75 0.00 spread U.S. 5-year dollar swap 13.25 -0.25 spread U.S. 10-year dollar swap 6.00 -0.25 spread U.S. 30-year dollar swap -7.75 -0.25 spread (Editing by Bernadette Baum)

Aug 15 2018

U.S. investor sues AT&T for $224 million over loss of cryptocurrency

NEW YORK U.S. entrepreneur and cryptocurrency investor Michael Terpin filed a $224 million lawsuit on Wednesday against telecommunications company AT&T , accusing it of fraud and gross negligence in connection with the theft of digital currency tokens from his personal account. | Video

Aug 15 2018

UPDATE 1-Japan's holdings of U.S. Treasury debt fall to lowest since 2011

* Japan's Treasuries holding falls to lowest since late 2011 (Adds background, graphic, byline)

Aug 15 2018

Some emerging markets pare U.S. Treasury holdings in June -data

NEW YORK, Aug 15 Some emerging market countries pared their holdings of U.S. Treasuries in June, data from the U.S. Treasury department showed on Wednesday, in what analysts viewed as a move to support their currencies as the Federal Reserve started raising interest rates this year.

Aug 15 2018

TREASURIES-Yields drop as risk appetite fades on emerging market worries

* Stronger-than-expected U.S. data briefly boosts yields * Turkish lira rises, but other EM currencies fall * U.S. yield curve flattens (Adds comment; updates prices) By Gertrude Chavez-Dreyfuss NEW YORK, Aug 15 U.S. Treasury yields fell on Wednesday after two straight days of gains as risk appetite soured amid nagging concerns about fallout from the Turkish crisis hitting other emerging markets. The yield curve also flattened, with the spread between U.S. 2-year and 10-year notes narrowing to 23.2 basis points , the tightest gap since at least March 2010, according to Reuters data. A flatter yield curve reflects market uncertainty. Stronger-than-expected U.S. economic numbers briefly lifted yields, but they soon hit new session lows as buying of Treasuries resumed. "Right now, the overall sentiment, especially toward emerging markets, is fragile, and then you have the strong dollar, which is adding to uncertainty," said Keith Lerner, chief market strategist at Suntrust Advisory Services in Atlanta. While the Turkish lira moved further away from record lows, other emerging market currencies, such as the South African rand and the Mexican peso, faltered. The lira continued to rally on liquidity measures announced by the Turkish central bank on Tuesday. A leading emerging market stock index entered into what is commonly regarded as bear territory on Wednesday, down 20 percent since January, as a fresh wave of selling extended a slump. In afternoon trading, U.S. 10-year yields fell to 2.849 percent, down from Tuesday's 2.895 percent. U.S. 30-year yields slid to 3.022 percent, from 3.062 percent late on Tuesday. On the front end of the curve, U.S. 2-year yields eased to 2.604 percent from 2.633 percent on Tuesday. Earlier, yields pared losses after a batch of stronger-than-expected U.S. economic data reinforced expectations of an interest rate hike by the Federal Reserve next month. The data was led by U.S. retail sales, which rose 0.5 percent in July, beating expectations. Other reports showed U.S. productivity in the second quarter was the strongest in three years, while the New York Fed's business index also overshot the consensus forecast. "With retail sales still robust and inflationary pressures building, the Fed isn't going to be distracted by volatility in emerging markets and will continue to increase interest rates," said Andrew Hunter, U.S. economist at Capital Economics in London. That said Fed funds futures are rallying in tandem with Treasuries, on safe-haven flows, analysts said. While a September rate hike has been fully priced in, the chances of a fourth hike this year diminished to around 63 percent on Wednesday, from around 67 percent a week ago, according to CME's FedWatch. August 15 Wednesday 2:42PM New York / 1842 GMT Price US T BONDS SEP8 144-25/32 0-24/32 10YR TNotes SEP8 120-116/256 0-88/256 Price Current Net Yield % Change (bps) Three-month bills 2.03 2.0688 -0.013 Six-month bills 2.175 2.2297 -0.008 Two-year note 100-10/256 2.604 -0.029 Three-year note 100-58/256 2.6708 -0.035 Five-year note 100-34/256 2.721 -0.046 Seven-year note 100-128/256 2.7953 -0.045 10-year note 100-56/256 2.8497 -0.045 30-year bond 99-140/256 3.0231 -0.039 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 19.00 -0.75 spread U.S. 3-year dollar swap 16.50 -1.00 spread U.S. 5-year dollar swap 13.50 -0.25 spread U.S. 10-year dollar swap 6.25 -0.50 spread U.S. 30-year dollar swap -7.50 -0.50 spread (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by April Joyner; Editing by Dan Grebler and Leslie Adler)

Aug 15 2018

TREASURIES-Yields slide as risk appetite dims on emerging market woes

* Stronger-than-expected U.S. data briefly boosts yields * Turkish lira rises, but other EM currencies fall * U.S. yield curve flattens (Recasts throughout, adds comments, table, updates prices) By Gertrude Chavez-Dreyfuss NEW YORK, Aug 15 U.S. Treasury yields fell on Wednesday after two straight days of gains as risk appetite soured amid nagging concerns about fallout from the Turkish crisis hitting other emerging markets. The yield curve also flattened, with the spread between U.S. 2-year and 10-year notes narrowing to 23.2 basis points , its tightest gap since at least March 2010, according to Reuters data. A flatter yield curve reflects market uncertainty. Stronger-than-expected U.S. economic numbers briefly lifted yields, but they hit new session lows soon after the data's release as buying of Treasuries resumed. "There are continued concerns about emerging markets," said Justin Lederer, Treasury trader at Cantor Fitzgerald in New York. "People are concerned overall about the spillover effect from Turkey." While the Turkish lira moved further away from record lows, other emerging market currencies, such as the South African rand and the Mexican peso, faltered. The lira continued its rally on liquidity measures announced by the Turkish central bank on Tuesday. Turkey has also raised tariffs on some U.S. products "in response to the U.S. administration's deliberate attacks on our economy," Vice President Fuat Oktay wrote on Twitter on Wednesday. In mid-morning trading, U.S. 10-year yields fell to 2.847 percent, down from Tuesday's 2.895 percent. U.S. 30-year yields were down at 3.023 percent, from 3.062 percent late on Tuesday. On the front end of the curve, U.S. 2-year yields slipped to 2.608 percent from 2.633 percent on Tuesday. Yields had pared their losses earlier after a batch of stronger-than-expected U.S. economic data reinforced expectations of an interest rate hike by the Federal Reserve next month. Wednesday's slew of reports was led by U.S. retail sales, which rose 0.5 percent, beating expectations. Other reports showed U.S. productivity in the second quarter was the strongest in three years, while the New York Fed business index also overshot the consensus forecast. "With retail sales still robust and inflationary pressures building, the Fed isn't going to be distracted by volatility in emerging markets and will continue to increase interest rates," said Andrew Hunter, U.S. economist at Capital Economics in London. August 15 Wednesday 10:29AM New York / 1429 GMT Price US T BONDS SEP8 144-27/32 0-26/32 10YR TNotes SEP8 120-124/256 0-96/256 Price Current Net Yield % Change (bps) Three-month bills 2.035 2.0739 -0.008 Six-month bills 2.175 2.2297 -0.008 Two-year note 100-10/256 2.604 -0.029 Three-year note 100-62/256 2.6654 -0.041 Five-year note 100-36/256 2.7193 -0.048 Seven-year note 100-136/256 2.7903 -0.050 10-year note 100-60/256 2.8479 -0.047 30-year bond 99-140/256 3.0231 -0.039 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 19.25 -0.50 spread U.S. 3-year dollar swap 17.25 -0.25 spread U.S. 5-year dollar swap 13.75 0.00 spread U.S. 10-year dollar swap 6.25 -0.50 spread U.S. 30-year dollar swap -7.50 -0.50 spread (Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama and Dan Grebler)

Aug 14 2018

Bitcoin, Ethereum tumble as crypto bear market lingers

NEW YORK Bitcoin dropped to an eight-week low on Tuesday, while Ethereum, the second-largest cryptocurrency in terms of market value, sank to a more than one-year trough as they continued their bearish trend, undermined by a strong U.S. dollar and global tensions related to Turkey.

Aug 14 2018

Bitcoin, Ethereum tumble as crypto bear market lingers

NEW YORK, Aug 14 Bitcoin dropped to an eight-week low on Tuesday, while Ethereum, the second-largest cryptocurrency in terms of market value, sank to a more than one-year trough as they continued their bearish trend, undermined by a strong U.S. dollar and global tensions related to Turkey.

Aug 10 2018

U.S. net long dollar bets rise to highest since mid-January 2017: CFTC, Reuters

NEW YORK Speculators boosted their net long U.S. dollar position this week to the largest since mid-January last year, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.

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