29 May '13, 3pm

Yield Scare $XLU

Treasuries exhibited some relatively sharp moves yesterday, with 10-year yields reaching 2.19 per cent this morning: In the bigger picture… maybe not quite a dramatic QExit-related panic: Deutsche Bank’s Jim Reid says yesterday’s 16 basis point rise to 2.17 per cent was the highest one-day rise in 19 months, and brought it to the highest level since April last year. He reckons the consumer confidence data was a key trigger: This brings the cumulative rise in yields to 50bp since the beginning of this month – spurring the return of “Great Rotation” talk. The majority of yesterdays move came after the release of the Conference Board’s US consumer confidence data which printed at a post-GFC high of 76.2 (vs 71.2 expected). There were also reports of technical selling after stops were triggered around the 2.08% to 2.10% level. Yesterday’s 2yr tnote auction didn’t help either a...

Full article: http://www.investmentmoats.com/money-management/dividend-...

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