There's a strong view that it will be very hard to push two-year yields below 1.75 percent in a significant way without a development that could keep the Federal Reserve from raising interest rates until the end of next year or 2005, so we're stalling a bit.
Anthony Karydakis
It is hard to buy bonds when the central bank is getting more evidence to support their case for raising interest rates. Bond yields will rise to correspond with an end of deflation.
Yasunori Kuroda
We're not at the top. With the Fed still moving to 5.50 in our view, maybe at least 5.25 to 5.40 10-year yields would not be out of the question.
Jack Malvey
Even as the Fed is expected to raise rates tomorrow, it also means they are one step closer to the end of rate hikes and that is making Treasuries attractive to investors. We are looking for opportunities to buy Treasuries around yields of 4.75 percent.
Tadashi Tsukaguchi
Oil and gas shares are shining at the moment: Rising oil prices are lifting the shares which are also undervalued and offer attractive dividend yields.
Markus Steinbeis
Greater demand for online advertising space will help media owners expand their offerings and improve revenue yields from their properties.
Julian Smith
Fukui may make remarks that seek to curtail the recent spike in yields, on the view that recent rises are too much.
Seiji Shiraishi
While the curve has moved to flat as a pancake to a bit inverted and yields open the year near 4.38%, we are not excited about further inversion just yet.
David Ader
There was some talk that GM yields here would be 20 percent lower than conventional yields in the first season.
Helmute Augusto Lawisch
Everything yields to diligence.
Antiphanes
The central bank has not responded yet to the pressure but the Ministry of Finance will continue pressing the bank to do something. Speculation the bank will try to keep yields lower is spreading.
Akitsugu Bandou
In the spirit of science, there really is no such thing as a "failed experiment." Any test that yields valid data is a valid test.
Adam Savage
If we hadn't had a recession a year ago, and we were watching the fall in employment, a stalling manufacturing sector, falling bond yields and falling stock prices, many people would think we were entering a recession. There's an assumption that the recovery will continue and get stronger next year, when in fact it's possible the economy's tipping over again.
Rory Robertson
The fourth quarter wasn't good from a cost point of view either, but quite a few of those things were incidental costs. When you look at unit costs over the year, they went down quite fast, but unfortunately the yields went down a little bit faster.
Robert Abrahamsen
We're not interested in Treasuries because the Fed will probably raise rates two more times this quarter. That means yields have room to rise from here, which is why we are staying away for now.
Masayuki Senda
[The market also benefited from oversold conditions, given that Treasury yields were near three-month highs earlier this week.] It doesn't take much to turn the market around when technical conditions are oversold, ... That in itself is going to attract buyers.
Josh Stiles
Investors may start worrying that the central bank will scale back its monthly bond purchases to reduce the amount of money in the system. That will push up yields further.
Makoto Yamashita
That's likely where yields will be headed toward April.
Hidenori Suezawa
The U.S. economy is doing okay and you have global growth doing fairly well. That's encouraging yields higher. A 5 percent yield in 10-year Treasuries represents fair value.
Grant Hassell
Looking closer at the entire group, I think the clouds will clear on drug stocks sooner than on Merck as an individual company, ... Yields are attractive for the entire group.
James Denney
Yields are moving higher in a response to an economy that is bouncing back. Inflation is still under control, but it's in the upper end of the Fed's comfort range.
Gary Pollack
European bonds have fallen a lot and yields have gone too high. We think there's room for a correction.
Karsten Linowsky
It's realistic to price in a couple more Fed moves to 5.25 percent. There's no big impetus to push yields lower.
Scot Johnson
With the government in the process of working on restructuring fiscal policy, officials are alarmed at the sudden surge of long-term bond yields. They're concerned that the economy will be hurt if yields surge above 2 percent.
Ryota Sakagami
We have seen strong buying of bonds this week by foreigners. The underlying tone for bonds is to buy into any weakness, which suggests that the market expects bond yields to keep firming in the coming months.
Michael Keenan
A 10-year yield near 5 percent offers value. Yields have risen quite quickly over the past few weeks.
Hiroyuki Yamada
Yields can go higher. People are starting to speculate on the effect the commodity rally will have and if inflation starts to pick up that will hurt bonds.
Karsten Linowsky
You can talk about valuation, talk about low dividend yields. But the bottom line is young people are shoveling money into stock mutual funds As long as that continues, markets are going to work higher.
William Lefevre
The yields in the short and midterm sectors have risen to levels that start to price in a possible end to zero-interest rates, as well as the end of the quantitative easing policy.
Tetsuya Miura
People are going to hear about it tonight on the TV, the highest yields in four years.
William Hornbarger
Bond yields in Canada should go up. The economy is very robust and producing at full capacity, and the Bank of Canada may continue to raise interest rates.
Michael Herring
What the world seemed to miss is that the stock market didn't plunge, the peso didn't collapse and bond yields didn't shoot up. And people here in the Philippines didn't panic.
Luz Lorenzo
The problem with rising short-term bond yields is that they boost the cost of acquiring and servicing credit, and thus they stifle domestic demand.
Tony Hughes
Yields aren't high enough to entice investors. I see little reason to buy bonds as stocks are looking bullish and the economy is on a recovery track.
Yuuki Sakurai
This is clearly a profit warning. The world isn't getting any better and yields are only going one way -- down.
Chris Tarry
Our real big concern is that the combination of rising bond yields, sustained high energy prices and weakness in U.S. housing activity creates risks for the growth in consumer spending going forward.
Abhijit Chakrabortti
Domestic bond yields have risen sharply and as a result utilities have lost their attractiveness.
Yoji Takeda
We don't see the Fed stopping before the second half of 2006. We are recommending investors sell Treasuries before yields move even higher.
Yasutoshi Nagai
Higher expected yields result in higher guarantees. Higher guarantees then increase chances of receiving insurance payments and increase the amount of payments when they occur.
Gary Schnitkey
What we are seeing currently is that it's not a one-way road for strong economic data. Ten-year yields could fall to 3.35 percent in a month.
Kornelius Purps
Yields should be heading higher. There are plenty of signs of stronger economic growth globally and Europe is benefiting from that.
Tony Dolphin
It wasn't supposed to launch for another couple of months, but we're finding perpendicular improves yields and reliability right off the manufacturing line.
Joni Clark
Europe is clearly showing continued signs of strength and the ECB is responding to that. There is a chance yields rise from here.
Charles Diebel
Customers have a mandate to grow their businesses today. They cannot afford to wait until 2008 or 2010 or 2013 to see if the merged software code of Oracle's multitude of acquired companies yields a viable product.
Bill Mcdermott
In all likelihood, disappointing data will at some point in time dampen rate hike expectations. There's a reasonably good chance for yields to move substantially lower over the course of this year.
Kornelius Purps
As the major indexes move near four-year highs, there are some risks for stocks. But the economy is growing at a solid pace, as the payrolls number showed, bond yields remain low and there is still excess of capital out there, looking for good returns.
Ben Halliburton
If the application of this equipment yields positive results, the extensive use of such devices during federal elections could be considered.
Alexander Veshnyakov
It is intuitive that higher corn yields will result in greater nitrogen demand from the soil, but does that translate into higher nitrogen demand? Investigation of nitrogen rate studies conducted over several years reveals that there is not a strong relationship between maximum yield potential and the amount of nitrogen needed to achieve maximum yield.
Robert Mullen
Weaning people off the opium here was not that difficult, because it only yields about 8 kg (18 lb) per hectare.
Clifford Heinzer
I expect yields to continue drifting higher. Anything that shows the jobs market is strong gives more ammunition to the Fed to keep raising rates.
Joseph Shatz
Never, never, never believe any war will be smooth and easy, or that anyone who embarks on the strange voyage can measure the tides and hurricanes he will encounter. The statesman who yields to war fever must realize that once the signal is given, he is no longer the master of policy but the slave of unforeseeable and uncontrollable events.
Sir Winston Churchill
Investors can't really take risks and buy bonds because yields are on a gradual rising trend. The central bank's plan to raise interest rates this year is preventing investors from purchasing.
Akito Fukunaga
The whole refunding should go reasonably well. Yields are (about 20 basis points) higher than they were two weeks ago, so that's part of the (price) concession.
Alan De Rose
I don't think this sheds a whole lot of new light on where the Fed is headed. Over the next several months, we retain our bearish bias and expect yields to grind higher.
Michael Pond
This [was] an expected recovery from yesterday's selloff, ... The only thing keeping people invested in stocks is that the [Treasury] bond yields are quite low. So there's no other alternative.
John Pickett
Investors think hurricanes had a very limited impact on U.S. corporate sectors and U.S. yields continue to look very healthy. That's going to keep supporting the dollar.
Satoru Ogasawara
Purchases by the public pension fund will become a stabilizer for the market. The fund will be a steady buyer of government debt with five-year and longer maturity, helping limit a rise in yields this year.
Hidenori Suezawa
Yields are high enough to attract some buyers. Yields are probably near their highs for the next two or three months and already reflect the outlook for a gradual economic recovery.
Akihiko Inoue
The high price of fuel and fertilizer has played a significant factor in net returns to farmers. This will cause many farmers across the country to look for new ways to cut costs while maintaining yields.
James Richardson
Investors aren't going to chase 20-year bonds with yields under 2 percent. The market is facing selling pressure before the auction.
Yoshihiro Gake
Attacking is the only secret. Dare and the world always yields; or if it beats you sometimes, dare it again and it will succumb.
William Makepeace Thackeray
We would like to achieve a balance between cities with growth potential and those that can give you immediate yields.
Katherine Tsang
The two-year note is particularly oversold. The selling has gone a bit too far and we are definitely looking at lower yields by year end.
Lee Boon Keng
The powerful emotional connection between Roosevelt and Churchill and how they confronted tyranny and terror is an incredibly contemporary story that yields important lessons for leaders today on a personal, political, and diplomatic level.
Jon Meacham
Stocks have had a fantastic rally and this market is screaming for a correction. The excuse may come in the form of yields or record energy prices.
Alberto Espelosin
Bonds may find it difficult to rise as stocks are looking strong toward the year-end. Japan may have stable growth next year, leading to higher yields.
Hidenori Suezawa
Most of Indiana fared well in terms of weather and crop yields, but we knew that the lack of rain last summer was going to create problems in pockets of our state. These disaster designations will allow assistance for Hoosier farmers who need it.
Becky Skillman
In Japan, the Bank of Japan is telling markets absolutely everything, leading short-term bond yields to rise to a level that threatens prospects for an accelerated end to deflation.
Tony Hughes
Yields are probably near their highs for the next few months, and they are looking attractive. The central bank probably won't raise interest rates until 2007, capping yields.
Shinichi Takayama
In the short-term yields may increase. Slack is decreasing in the economy and that is leading to inflationary pressures.
Yoshihiro Ishida
As the Nikkei moves up in price, it signifies growth in the Japanese economy, ... That will signal higher yields in Japan, which will make them at the margin less net buyers of U.S. Treasuries.
James Caron
The amount of supply will put some upward bias on yields and keep bonds in a negative momentum. The market is comfortable with expectations for two more rate hikes, so supply can be a concern going forward.
Prashant Newnaha
Listed property receives rental income. It passes on nowhere the kind of growth a business might have. Listed property delivers more or less a fixed return. People buy these stocks for yields, but they do make capital growth over time.
David Shapiro
Yields rose to a level attractive for many investors and they should think about buying.
Daisuke Uno
Yields are going to be rising in general and there's going to an unwinding of the flattening.
John Richards
Yields are compressed in a very narrow range close to 4%.
Scott Berry
My gut tells me that spreads and yields are still too high to see a flood of deals. But if the market continues to improve, we will be at a point where a pickup in deals would be feasible.
Brian Reynolds
This is not a high-yielding fund relative to its category. The median yield of the utility funds we cover is 2.4 percent, while this one yields 1.7 percent.
David Kathman
Muto's comment reversed sentiment among investors and it is a reason to sell bonds. They're now thinking the economy is still recovering and yields won't keep on falling.
Jun Fukashiro
We are seeing some bottom-fishing going on as some investors take advantage of yields at these levels to buy. Yields are heading south.
Akira Takei
Most bond investors believe on a global level that buying bonds today will mean jumping in at a time when bond market yields are expected to go higher in the short to medium term.
Matthew Smith
We still expect Treasury yields to move higher. The rise in oil is starting to be a concern once again.
Grant Hassell
This is definitely bullish for the euro. European yields are edging higher, and the speculation is that the ECB is going to have to tighten sooner rather than later.
John Cholakis
Yields will rise as the market prices in a policy change.
Hidenori Suezawa
I think the Fed is hanging its hopes on a couple of things. The bond price has dropped and yields have gone up and it is doing the job for them. . . the economy as a whole is slightly slower in the second quarter than it was in the first. There's hope that it will tail off to a more sustainable rate.
Alan Kral
We've got a lot of supply so that's putting Treasuries onto a bearish footing. People aren't expecting a good result from the auction and in the short term yields can push higher.
Christoph Rieger
From the economic viewpoint, Treasury yields are too low. We are expecting robust growth in the first quarter and that will lead to a correction in the bond market.
Yasutoshi Nagai
Japan's deflationary era is finally ending. A change in monetary policy is coming into sight, and that suggests higher yields.
Yasuhiro Miyata
In a low-yield environment, there was a lot of interest in high-yield markets such as the Icelandic. But with yields on the rise in Europe and the U.S., we want to see a lot more quality before we feel comfortable investing, as high yields alone are no longer enough.
Lars Christensen
The chances of 10-year yields soaring above 1.6 percent are high. Ten- year bonds look expensive compared with five-years and so it could take some time for dealers to sell all the bonds onto investors.
Makoto Yamashita
Science at that time was looking at fragmented pieces of a big picture. Scientists were looking at technologies to increase crop yields. The science behind agriculture was focused on that piece of the picture.
Harold Browning
Concerns about inflation are well tempered by concerns about how quickly economic growth will be undermined by rising rates against a background of continued high energy prices. When the evidence of that appears in the numbers, the bond market's low long-end yields will look justified.
Louise Purtle
The next 25-basis-point move in yields is to the upside. Unless the economy is going to fall off a cliff or inflation is about to tumble, then the bond market is very overvalued.
Michael Mullaney
They had to scrap the 2021 (bond sale) completely, likely due to the market being jittery on higher Treasury yields.
Gautam Jain
There is no sign of the economy slowing and that's bad for the Treasury market. We're not expecting any surprises from the Fed next week, which means we'll see another rate hike. Yields have not peaked.
Hiroki Shimazu
Rising long-term rates tend to benefit banks by allowing them to increase yields on securities portfolio investments.
Piper Jaffray
We are still cautious about Treasuries because global interest rates are rising. I'll wait before buying because yields will keep going up in the short term.
Masayuki Senda
The markets are beginning to price in quite a significant bit of recessionary risk, with U.S. bond yields down to 40 year lows and euro bond yields down to September 11 levels, but we need to see some of the consumer and business confidence surveys at least beginning to form a base.
Saul Henry
The economy hasn't lost strength and yields are not likely to fall more. It is hard to expect investors will buy bonds.
Akitsugu Bandou
Yields are close to their highs, and so bonds look attractive. Yields already reflect speculation that an end to the policy will come in the second quarter of next year at the earliest. Any signs of a weak economy or government opposition to changing policy may trim those bets.
Norihisa Takao
This lessens the possibility that the Federal Reserve will tighten monetary policy again at their next meeting. One more increase was probably built into the market, so it's now being taken out of the market. That drove bond prices higher, and, with yields coming down, makes stock prices more attractive.
Roy Blumberg
We believe the integrated approach makes us better able to compete. We think [that] in the long term, it yields superior investment returns.
David Larsen
Increasing pressure from the Finance Ministry and the auction result for 30-year debt fueled the market recovery. Yields were approaching an attractive level to buy for investors.
Soichiro Kimura
A sharp rise in yields raises interest rates across all forms of debt. The last thing the Bank of Japan wants to do is to surprise the market.
Stefan Worrall
The housing market slowdown will have a direct impact on a drop in consumer spending and slowing growth later this year. This is a good time to be buying bonds with yields at these levels.
Shun Totani
The yields indicate that markets aren't concerned about inflation or that they're confident that the Fed is on the job and will contain it. But there's some sort of subconscious, collective belief that sustained manageable inflation is too good to be true and eventually the other shoe will drop.
Tom Schlesinger
There's good demand among investors at five-year yields near 0.7 percent and 10-year yields near 1.4 percent. Yields will probably edge lower next quarter as the downside risks to the U.S. economy may materialize, threatening Japan's recovery.
Yoshihiro Gake
The risk-reward ratio for longer maturity fixed income is just not attractive with the current yield curve. Cash yields are now up to more than 4% and longer-term treasury bonds yields remain below 5%.
Randy Lert
Unless we get some type of external shock that drives this market to lower yields, I don't see any type of prolonged rally ahead of the Fed meeting.
Will Jarosak
I suspect that economic data will put a downward bias on yields.
Thomas Lam
Supply will be a greater factor pushing up yields. Investors won't be too keen to push yields any lower, even if economic data look positive for the market.
Thomas Lam
There is competition for customers, and banks are sweetening the yields.
Quincy Krosby
The softening in the housing market is probably the leading indicator as to where our economy is headed. Yields at these levels will no doubt affect consumer spending.
Stephen Kane
Bonds are much more attractive alternatives than they have been for the last two years. As yields go higher, that competition gets stronger.
Dan Genter
Yields reached an attractive level, so some buying may come through, especially after the auction went well. Yields already reflect speculation about an economic recovery and a policy shift to some extent.
Akihiko Yokoyama
Because of their high yields and stable cash flows, utilities are defensive stocks. But with deregulation, part of the business -- the power generation piece -- is exposed to supply and demand concerns where it wasn't before.
David Kiefer
Few men are willing to brave the disapproval of their fellows, the censure of their colleagues, the wrath of their society. Moral courage is a rarer commodity than bravery in battle or great intelligence. Yet it is the one essential, vital quality for those who seek to change a world which yields most painfully to change.
Robert F. Kennedy
We're also still getting support from the low interest rates. While Treasury yields are not as low today as they've been, they are still historically at a substantial low, and that lends support to equities.
Michelle Clayman
Our recent contact with a sugar refiner indicates the pressure is not over and actually could increase due to poor crop yields.
Eric Katzman
If you believe the bond market has already seen the worst hike in yields, then that's a great time to get in.
Eric Jacobson
In Argentina in particular you have seen a pickup in volatility over the last couple of months, and it has to do with the fact that it has higher yields available and longer duration and makes it prone to volatility.
Enrique Alvarez
People are starting to become weary of the inversion in the U.S. curve and in particular the yields that you receive in the 6-month and 2-year notes.
Enrique Alvarez
The U.S. may be keeping rates strong for the foreseeable future. It's a battle of yields and the dollar is still going to be king.
Enrico Caruso
The picture is not altogether clear that we have definitely reached the peak in short-term U.S. interest rates and that from here bond yields will start going down again.
Edward Menashy
A rapid gain in the yen will probably lower bond yields. The yen rose to a quite high level.
Eiji Dohke
Many investors did not expect that yields would decline from the start of the year. They rather not to have a 1.4 percent coupon the new debt.
Eiji Dohke
While the stock has been strong year-to-date and expectations were for a strong quarter, our sense is this was a very strong and clean quarter that shows evidence of increasing volume acceleration at Ground, improving margins at Express and stabilizing yields generally.
Edward Wolfe
Once again, UPS reported stronger-than-expected volume growth but was not able to leverage that growth into strong upside margin improvement, as yields continued to decelerate.
Edward Wolfe
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