WASHINGTON ? Treasury prices are plunging after a plan to stem the European debt crisis encouraged traders to buy riskier investments.
European leaders agreed early Thursday on a plan to expand their regional bailout fund. Banks agreed to take steep losses on the Greek bonds they hold. The plan postpones fears of a spreading financial crisis and buys the leaders more time to hammer out details.
The price of the 10-year Treasury note fell $1.31 for every $100 invested. That pushed its yield up to 2.36 percent at 1:20 p.m. Eastern time from 2.21 percent late Wednesday.
A Treasury Department auction of $29 billion in seven-year notes drew weak interest. Bids came in lower than market prices for seven-year notes. There were fewer bids than at recent auctions.
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