Russian police detain opposition leader Navalny at Moscow protest
MOSCOW, March 26 Russian police detained opposition leader Alexei Navalny in central Moscow on Sunday at a rally which Navalny had called to protest against corruption.
* U.S. 2-year yield hits highest since June 2009 * Fed expected to raise rates at end of meeting * Longer-dated yields fall in curve flattener trade By Sam Forgione NEW YORK, March 15 The U.S. Treasury yield curve flattened on Wednesday, with two-year yields touching their highest since mid-2009 and long-dated yields falling, as investors braced for a Federal Reserve rate increase and the potential for a more aggressive pace of future hikes. U.S. two-year yields, which are considered most vulnerable to Fed policy, rose to 1.401 percent, their highest since June 2009, while three-year yields hit 1.700 percent, their highest since April 2010. U.S. 30-year yields fell as much as three basis points and benchmark 10-year yields declined by as much as two. Interest rates futures implied traders saw a 93 percent chance the Fed would announce it was raising rates by a quarter percentage-point at the end of its two-day meeting, CME Group's FedWatch program showed. That was up from 90.8 percent Tuesday. "Investors are paying their respect that today's a Fed hiking day, and the two year yield is more sensitive to the moves, so that's why it's moving up," said George Goncalves, head of U.S. rates strategy at Nomura in New York. The Fed is scheduled to release its latest policy statement along with updated economic forecasts at 2 p.m. EDT (1800 GMT). Fed Chair Janet Yellen is due to hold a press conference half an hour later. Attention is turning to whether the U.S. central bank will signal an even faster pace of monetary tightening this year than the current three rate hikes that it projected at its December meeting. Longer-dated yields fell since rate increases reduce inflation expectations, thereby boosting longer-dated Treasuries prices and pushing their yields lower since inflation is a risk to the debt because it erodes their interest payouts. Data showing a steady increase in inflation, with the consumer price index posting its biggest year-on-year increase in nearly five years in February, reinforced expectations for a Fed rate increase Wednesday and a potential uptick in the Fed's projected number of rate hikes this year. "The Fed would have had this data, and the market expectation might be that the probability of them sounding hawkish might have marginally gone up," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. Benchmark 10-year Treasuries prices were last up 1/32 to yield 2.589 percent, from a yield of 2.595 percent late Tuesday. U.S. two-year notes were last down 1/32 in price to yield 1.397 percent, from a yield of 1.380 percent late Tuesday. March 15 Wednesday 11:16AM New York / 1516 GMT Price US T BONDS JUN7 147-7/32 0-12/32 10YR TNotes JUN7 122-240/256 0-16/256 Price Current Net Yield % Change (bps) Three-month bills 0.7575 0.7695 -0.005 Six-month bills 0.91 0.9269 -0.005 Two-year note 99-122/256 1.397 0.017 Three-year note 99-202/256 1.6975 0.013 Five-year note 98-212/256 2.1253 0.002 Seven-year note 98-52/256 2.407 -0.007 10-year note 97-20/256 2.5857 -0.009 30-year bond 97-12/256 3.1531 -0.020 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 32.50 0.00 spread U.S. 3-year dollar swap 25.00 0.00 spread U.S. 5-year dollar swap 10.00 0.25 spread U.S. 10-year dollar swap -3.00 0.25 spread U.S. 30-year dollar swap -37.50 0.75 spread (Reporting by Sam Forgione; Editing by Chizu Nomiyama)
LONDON, March 26 Anglo-South African financial services firm Old Mutual said it has sold a 25 percent stake in its U.S. fund management arm to China's HNA for $446 million, as part of its plan to split itself into four companies.
SHARJAH, United Arab Emirates, March 24 Captains of small wooden dhows are carrying food and wares from the United Arab Emirates to war-torn Yemen. But supplies are falling even from this centuries-old Arabian sea route that is one of the last lifelines to a country on the brink of famine.