US Treasuries rallied on Tuesday as investors rushed to haven assets following attacks by Hamas in Israel and comments from Federal Reserve officials who hinted that the US may have reached the end of its rate-rising campaign.
The yield on benchmark 10-year Treasuries dropped 0.18 percentage points to 4.62 per cent on its reopening after a US public holiday, before nudging higher to 4.65 per cent. Yields fall as prices rise.
“There has been a flight to safety as conflict unfolds in the Middle East,” said Andres Sanchez Balcazar, head of global bonds at Pictet. “It’s quite natural that an exogenous shock like this will generate a rally in US Treasuries.”
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