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Friday, December 3, 2021

Treasury yields plunge as Italy’s political turmoil sparks safety bid

Treasury yields plunge as Italy's political turmoil sparks safety bid© AP Images

  • Italy’s president rejected¬†euroskeptic economist and former banker Paolo Savona for finance minister.
  • He must now form a new government or call for another election.
  • US yields are sharply lower as money pours into safety.

And while yield in Europe are surging, heavy buying pushed the US 10-year yield down as much as 13 basis points to 2.79%, its lowest level in 7 weeks. Here’s a look at the scoreboard as of 7:04 a.m. ET:

  • 2-year -6 bps @ 2.42%
  • 3-year -8 bps @ 2.53%
  • 5-year -9.4 bps @ 2.67%
  • 7-year -9.9 bps @ 2.79%
  • 10-year -8.7 bps @ 2.84%
  • 30-year -6.8 bps @ 3.02%

Buying has flattened the yield curve, with the 2-10-year spread tighter by 3 bps at 42.7 bps. It is currently on track for its flattest close since 2007. 

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Source: Investing.com

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