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1
Analysts said the recent rally in long-
dated
Treasuries
prices resulted in tepid demand.
2
Fed officials have talked about buying longer-
dated
Treasuries
for several months.
3
Slowing growth also means there will be little inflationary threat to longer-
dated
Treasuries
.
4
Yields for long-
dated
Treasuries
,
those most susceptible to inflation risks, fell.
5
That has pushed one-month Treasury bill yields above those offered on longer-
dated
Treasuries
.
6
Typical month-end buying to rebalance portfolios also fed demand for longer-
dated
Treasuries
,
analysts said.
7
The yield curve flattened as longer-
dated
Treasuries
outperformed shorter-dated issues.
8
Traders favor short-
dated
Treasuries
over longer-dated issues in anticipation possible rate cuts from the Fed.
9
This provided some relief to the stock market and revived some appetite for shorter-
dated
Treasuries
.
10
But once the Fed begins to purchase long-
dated
Treasuries
it will be unambiguously creating money.
11
The market-clearing yield on long-
dated
Treasuries
would rise further.
12
Long-
dated
Treasuries
dragged down the entire sector.
13
Rieder also said he favored long-
dated
Treasuries
,
saying they offer liquidity while their yields would likely remain low.
14
Positions among active clients, which include market makers and hedge funds, suggested they were neutral on longer-
dated
Treasuries
.
15
Longer-
dated
Treasuries
broke medium-term moving averages and Fibonacci retracement levels, even as technical indicators showed they are overbought.
16
Investors in the survey said an ultra bond would likely cannibalize demand for existing long-
dated
Treasuries
,
the strategists said.