Treasuries Fall as Haven Bid Ebbs Ahead of French Election
- Declines extended after Mnuchin says tax plan coming soon
- Yields rebound further from lowest levels of the year
How to Trade Ahead of the French Election
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Treasuries fell Thursday amid steeper declines for most European government bond markets ahead of the French election on Sunday and gains for U.S. stocks and the dollar after U.S. Treasury Secretary Steven Mnuchin said a major tax reform plan will emerge soon.
Yields were higher by two to three basis points at 3:30 p.m. in New York, with the 10-year at 2.24 percent. The climb began during European trading hours, concurrently with the move in European yields reflecting improved poll standings for Emmanuel Macron in the first round of France’s presidential election Sunday. Five-year note futures saw their heaviest volumes of the session during Mnuchin’s comments at a conference in Washington.