Summers Says ‘Bizarre’ for U.S. to Borrow So Much in Short-Term

Reuters

TREASURIES-Yields tumble on plummeting consumer sentiment

The benchmark 10-year yield, which traded as low as 1.293%, was last down 6.7 basis points at 1.3001%. The University of Michigan said its preliminary consumer sentiment index fell to 70.2 in the first half of August from a final reading of 81.2 in July. The big drop, combined with thin liquidity in the market and concerns over the Delta variant of the coronavirus, helped drive Treasury yields lower, according to Ben Jeffery, U.S. rates strategist at BMO Capital Markets.