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Treasury yields extend gains on Bullard comments

FXStreet (Mumbai) - The yields on the long duration and short duration treasury notes in the US extended gains in the early US session after Fed’s Bullard reiterated his call for a rate hike.

The yield on the 10-yr treasury note rose more than three basis points to 2.167%. The 30-yr yield strengthened almost four basis points to 0.967%. Meanwhile, the 2-yr yield, which mimics rate hike expectations, strengthened three basis points to 0.71%.

The yields were on the rise since the early European session on signs of uptick in the European equities. Chinese Premiere Li’s assurance that the nation does not intend to be a part of the currency war also reduced the safe haven demand fo0r treasuries and pushed the yields higher.

Added upside pressure on the yields came from St. Louis Fed President James Bullard, who told CNBC's "Squawk Box" that he would have dissented on the central bank's decision to keep rates lower.

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