U.S. Treasury yields slipped lower on Monday as investors seek refuge following a turbulent weekend in the U.S.-China trade war.
The critical spread between the 10-year and 2-year yield will be in focus once again, having inverted multiple times through Friday's session as the trade war intensified. The inversion of the 2-year/10-year yield curve is a widely watched signal of oncoming recession.
At a meeting of the Group of 7 leaders in France over the weekend, Trump also suggested that he could declare the trade war as a "national emergency." The heightening of tensions comes after Beijing announced new tariffs on $75 billion of U.S. goods on Friday, prompting Trump to tweet that U.S. companies were "ordered" to immediately look for alternatives to China.
In response to the tariffs, Trump said he would raise existing duties on $250 billion in Chinese products to 30% from 25%, and that new tariffs on a further $300 billion of Chinese goods, due to take effect on September 1, will now rise from 10% to 15%. Auctions will be held Monday for $45 billion in 13-week Treasury bills and $42 billion in 26-week bills.
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