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3-5-10 Corporate bonds rallied last week and U.S. treasury bonds fell, pushing short-term yields up. The Labor Department reported that the economy lost fewer jobs than economists predicted in February, and Greece calmed investors’ nerves by raising $6.8 billion in 10-year bonds to avoid default. European policy makers also pledged to keep their interest rates low. Indications of a stronger economy reduce demand for the relative safe-haven of U.S. government debt. Investors who bought the safest assets during the global recession are now seeking higher yields as economies recover. All of this led to the higher borrowing costs that we’re seeing this week. Yields on 10-year notes jumped 8 bps to 3.69%, while 7-, 5- and 3-year notes rose 6 bps to 3.12%, 2.36% and 1.42% respectively.
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