The U.S. Treasury Department said today it is developing a floating-rate note program that could be operational in a year or more, while it is preparing for possible negative-rate bidding.
The Treasury also plans to sell $72 billion in notes and bonds in next week’s refunding, it said in a statement in Washington. The Treasury intends to auction $32 billion in 3-year notes on Aug. 7, $24 billion in 10-year notes on Aug. 8 and $16 billion in 30-year bonds on Aug. 9.
The yield on benchmark 10-year Treasury note rose to 1.51 percent at 11:55 a.m. New York time from 1.47 percent late yesterday. Ten-year U.S. yields fell to a record 1.379 percent on July 25.