BLBG: Treasury 2-Year Yield Drops to Record After Philly Fed Decline
By Susanne Walker
Aug. 19 (Bloomberg) -- Treasury two-year note yields fell to a record low after the Federal Reserve Bank of Philadelphia’s general economic index unexpectedly dropped in August, signaling the manufacturing rebound is slowing.
Yields on two-year notes dropped as low as 0.4796 percent as the banks’ index fell to minus 7.7 this month from 5.1 in July, which was the lowest level since August 2009. Readings above zero signal growth in the regional gauge, which covers eastern Pennsylvania, southern New Jersey and Delaware.
To contact the reporter on this story: Susanne Walker in New York at swalker33@bloomberg.net
