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U.S. sovereign bond prices decreased as Reuters had reported that OPEC might have reached a deal in starting an oil production limit by November. The yield on the benchmark U.S. 10-year note was almost at 1.5686 percent, while the yield on 30-year notes was marginally higher at nearly 2.2895 percent.
The Treasury Department previously auctioned $28 billion in seven-year notes at a high yield of 1.389 percent. The bid-to-cover ratio was at 2.47, which is slightly under the recent average of 2.49. Indirect bidders were awarded 59.4 percent. Direct bidders purchased 10.5 percent. The yield on the seven-year note was nearly 1.3975 percent.
Federal Reserve Chairwoman Janet Yellen spoke before the Committee on Financial Services regarding bank supervision and regulations. She claims that the Fed does not have a “fixed timetable” for the movement of interest rates.
