TREASURIES-Yields fall ahead of TIPS auction

TREASURIES-Yields fall ahead of TIPS auction

Reuters – July 23, 2020 – by Karen Pierog

Cumberland Advisors John Mousseau

Excerpt below:

CHICAGO, July 23 (Reuters) – U.S. Treasury yields on the longer end of the yield curve drifted lower on Thursday as stocks fell and the market awaited an auction of $14 billion of 10-year Treasury-Inflation Protected Securities (TIPS).

The benchmark 10-year yield was last down 1.4 basis points at 0.5807%.

A rush into TIPS has pushed yields to near historic lows amid an uptick in inflation expectations. The 10-year TIPS yield was last at -0.909%.

“With the amount of stimulus that’s out there, it’s hard to believe that there’s not some inflation that’s going to come out of this,” said John Mousseau, president and CEO of Cumberland Advisors, who advised caution on the timing of buying TIPS given the low yields.

More talks were on tap on Thursday between the White House and lawmakers over the next round of stimulus measures to combat the economic fallout from the coronavirus outbreak.

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