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June 23, 2009

Treasurys up after strong auction of 2-year notes

NEW YORK (AP) — A strong government auction of two-year notes is pushing up Treasury prices for the third straight trading day.

The Treasury Department sold $40 billion at a yield of 1.15 percent, the highest yield since November. But the auction got more than three times as many bids as notes sold. And indirect bidding, an indication of foreign buying, was high at 69 percent.

In afternoon trading, the two-year Treasury note's yield fell to 1.13 percent from 1.14 percent late Monday. The 10-year note's yield fell to 3.66 percent from 3.69 percent, and the 30-year bond's yield fell to 4.41 percent from 4.44 percent.

Treasury yields, or their annual rates, affect rates on mortgages and other consumer loans.

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