2-year Treasury yield hits 2008 high after Trump reportedly gets concessions from EU to avoid a trade war

U.S. government debt yields rose on Wednesday after President Donald Trump reportedly secured concessions from Europe, averting a trade war.

Dow Jones reported on the concessions shortly before Trump and European Commission President Jean-Claude Juncker were scheduled to brief the press at a joint conference at the White House.

The yield on the benchmark 10-year Treasury note was lower at around 2.963 percent at 4:00 p.m. ET, while the yield on the 30-year Treasury bond was in the red at 3.09 percent. Bond yields move inversely to prices.

The two-year Treasury yield hit a fresh high of 2.673 percent, its highest level since July 30, 2008 when the two-year yielded as high as 2.7056 percent.

Symbol
Yield
 
Change
%Change
US 3-MO
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US 1-YR
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US 2-YR
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US 5-YR
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US 10-YR
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US 30-YR
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President Donald Trump on Wednesday secured concessions from Europe, averting a trade war, Dow Jones reported, citing a European Union official.

The report came shortly before Trump and European Commission President Jean-Claude Juncker were scheduled to brief the press at a joint conference in the White House Rose Garden. The Europeans agreed to lower industrial tariffs and import more U.S. soybeans, Dow Jones reported.

The EU also agreed to work on more U.S. liquid natural gas exports, the newswire reported. The two delegations had not yet finalized language on car tariffs, a pivotal point for Trump in advance of the Juncker's first visit to the White House Wednesday.

The Treasury Department auctioned $36 billion in five-year notes at a high yield of 2.815 percent. The bid-to-cover ratio, an indicator of demand, was 2.61. Indirect bidders, which include major central banks, were awarded 67.2 percent. Direct bidders, which includes domestic money managers, bought 8.7 percent.