U.S. Yields Drop Speculation
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Treasury yieldsReuters
•Business
Business & Economics
US bond investors weigh 'convexity' risk in recent Treasury yield decline
81% Informative
Mortgage portfolio managers and insurance companies are buying interest rate swaps to offset the effects of mortgage refinancing to take advantage of lower interest rates.
The benchmark U.S. 10-year yield, which influences the cost of borrowings on homes, cars, and businesses, has not moved much since bottoming around 4.10% on March 4 , after a 56 -basis point decline since February 6 .
But "expectations of underlying convexity needs may...have caused implied vols to become elevated in longer tenors," he said. (Reporting by Gertrude Chavez-Dreyfuss ; Editing by Alden Bentley and Andrea Ricci ).