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US Treasuries Rebound From Support Level,Gain Strength on Largest Fed Reserve Purchase of Treasuries to Date,Haven Against Volatility During Packed Earnings Week
US Treasuries rebounded from the long Easter Weekend after failing to breech key support levels and the Federal Reserve staged its largest purchase to date of Treasury debt in an effort to keep investment and loan capital available to consumers and business. The purchase of $7.3 billion of Treasuries is the first of three scheduled purchases this week. It appears that the Fed sought to take advantage of the highest yields/lowest prices in nearly a month, as well as staging a significant purchase before volatility in the market picked up in the wake of a slew of corporate earnings announcements this week. The purchases were concentrated in the normally well received 2 and 3 year notes. The Federal Reserve thus far has purchased a little over $43 billion of Treasury debt since March 25th, when the FOMC announced its plans to add nearly $300 billion of US obligations. The post holiday stepping up of Treasury debt purchases may be an attempt by the Federal Reserve to establish a support for bond prices in order to spur lending for home purchases, which often pick up going into the summer months as buyers seek to establish residency before the new school year.
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