Treasury Yields Rise

Well before the New York Fed announced this morning that its Empire Manufacturing Index unexpectedly vaulted to 12.1 this month from January’s level of 3.5, Treasury prices were already falling. This morning’s report was a big miss for analysts expecting a much milder improvement to 6. Thirty-Year Bonds broke above a 2% yield in overnight trading and are currently commanding about 2.06%. The Ten-Year’s yield has drifted up to around 1.25% while the Two-Year stays pretty steady at just 11 basis points. Crude oil is up a touch and is trading just under $60. Gold has advanced around $14 to $1,805 as equity markets look to continue their upward trend.