Fears over Europe push 10-year rate to 66-year low
Updated: May 30, 2012 - 14:38PM
AP
NEW YORK -A key borrowing rate is sinking to a 66-year low as fear over Europe roils global markets.
The yield on the 10-year Treasury dropped to 1.62 percent in Wednesday trading as investors shifted money into Treasurys and other government bonds considered safe.
The flight to Treasurys was spurred by reports that the European Central Bank rejected a plan to help Spain pay for a banking bailout.
The price of the 10-year Treasury jumped $1.12 for every $100 invested. Rising demand for bonds lowers their yields.
Worries that troubles in Europe will set off a wider financial crisis have driven traders into Treasurys in May. The 10-year Treasury started the month paying 1.95 percent.
The yield on the 10-year Treasury dropped to 1.62 percent in Wednesday trading as investors shifted money into Treasurys and other government bonds considered safe.
The flight to Treasurys was spurred by reports that the European Central Bank rejected a plan to help Spain pay for a banking bailout.
The price of the 10-year Treasury jumped $1.12 for every $100 invested. Rising demand for bonds lowers their yields.
Worries that troubles in Europe will set off a wider financial crisis have driven traders into Treasurys in May. The 10-year Treasury started the month paying 1.95 percent.
The Blog
'Obama ... Stressed He Probably Knows About Judaism More than Any Other President'
"[A]ll his friends in Chicago were Jewish."
12:36 PM, May 30, 2012
• By DANIEL HALPER
President Obama met yesterday
with "about 20 Conservative Jewish community leaders, thanking them for
the work they do to improve communities around the country and
discussed their shared commitment to rebuilding the U.S. economy," Haaretz reports.
In
the meeting, Obama reportedly boasted about his knowledge of Judaism,
telling the leaders that he thinks he knows more "about Judaism" than
all past presidents. He said he gained this knowledge of Judaism from
reading.
"Obama ... stressed he probably knows about Judaism more than any other president, because he read about it," Haaretz
reports. "[He] wondered how come no one asks Speaker of the House of
Representatives John Boehner or Senate minority leader Mitch McConnel
[sic] about their support to Israel."
Similarly, he said to the group, "I [am] not going to tell you again
how I even feel about Israel, but why [are] we still talking about it?"
He then suggested that he should not be questioned about his commitment to the Jewish state because "all his friends in Chicago were Jewish - and at the beginning of his political career he was accused of being a puppet of the Israel lobby," Haaretz reports.
According to Ynet's account of the meeting, President Obama insisted that the perception that he's not a friend of Israel is the work of Republican bigotry:
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