Bonds

The selling comes after overseas investors made record purchases of US corporate debt in 2024. Official data shows the demand slowing in February.

Fixed-income trading was hit in the first two weeks of April and only returned to a "healthy" performance after that, the CFO said.

The move comes as bonds Saks sold to finance its $2.7 billion acquisition last year have lost more than a third of their value since they were issued in December.

It's bringing back memories of the basis-trade unwinds at the onset of the pandemic — when widespread deleveraging sparked blowups of the popular hedge fund strategy that sent bonds tumbling.

Bessent had repeatedly criticized then-Treasury Secretary Janet Yellen for boosting the share of bills in US debt.

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Long-maturity yields rose as much as four basis points, with the 10-year note's stalling at around 4.53%. A gauge of the dollar held steady after two days of gains.

It took until Thursday for the president to indicate he'd follow through on some of his tariff threats, meaning investors who had been bracing for levies to be imposed on day one of his term had a couple weeks of relief.

The legendary investor weighed in on the "irrationality of markets" during the recent AI-fueled rally.

The yield on 10-year US notes fell as much as 12.5 basis points — the most intraday in almost two weeks — to 4.50%, before paring the decline.

The moves, announced within hours of Trump taking office Monday, also risk derailing the commitment that all countries made at COP29 in November to triple annual climate finance to $300 billion by 2035.

By Tuesday's close, they were back well below the 5% mark, with the 30-year's lower on the day by six basis points to 4.80%.

Wednesday brings the next pivotal data point, with the release of the latest consumer-price figures, which are forecast to show inflation remains sticky.

In the US, the 10-year Treasury yield rose as high as 4.73% Wednesday, pushing it toward the 5% peak hit in October 2023, before pulling back down.

It was propelled in part by supply pressure, as demand was soft for the first of three Treasury auctions this week and as a slew of high-grade corporate bond offerings competed for investor cash.

Uncompleted trades involving the 20-year Treasury exceeded $21 billion in the week ended December 25 ... the second-highest amount in the history of the tenor.

The overall price drop was offset by interest payments, allowing a broad gauge of the Treasury market to post a gain of about 0.7% this year through Dec. 30.

Investors have been demanding additional yield compensation, or term premium, for long-term Treasuries amid signs of sticky inflation.

Sales of bonds earmarked for supplemental coverage of large windstorms, earthquakes and other events totaled $17.7 billion, up 7% from the previous record set a year ago.

EBRD plans to transfer part of the risk tied to roughly $1 billion of private-sector loans to a group of pension funds and asset managers.