Treasury Yields Falling On Yellen’s QE Backing Call

Treasury prices ended higher Thursday as the market focused on President Obama’s nominee to lead the Federal Reserve.

The 10-year Treasury note yield, which moves inversely to price, fell 2.5 basis points to 2.696%. The 30-year bond yield fell 2.5 basis points to 3.798%, and the 5-year note yield fell 3 basis points to 1.333%.

Janet Yellen, currently the Fed’s vice chairwoman, answered questions from a Senate committee as she seeks confirmation to lead the central bank. In her testimony, she backed the Fed’s current bond-buying program in remarks that were interpreted by the markets as dovish.

MarketWatch

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