NEW YORK (CNNMoney.com) -- Treasurys rose Wednesday as concerns about Greek debt sparked demand for U.S. debt.
What prices are doing: The benchmark 10-year note climbed 16/32 to 99-2/32, pushing the yield down to 3.75% from 3.80% late Monday. Bond prices and yields move in opposite directions.
The 30-year bond rose 1 point to 100-5/32, and its yield fell to 4.62%.The 2-year note edged higher 1/32 to 100 with a 1.01% yield. The 5-year note increased 7/32 to 100-1/32 with a yield of 2.50%.
What's moving the market: Investors dumped Greek debt and swapped it for the safety of U.S. Treasurys amid fear that the debt-challenged country will default. The spread between Greek and German debt rose to a 12-year high, with the yield on the 10-year Greek debt at 8.4%.
Short-term U.S. notes rose modestly as investors also geared up for a fresh supply for 2-year, 5-year and 7-year notes. The Treasury is expected to announced the size of next week's auctions on Thursday.
What analysts are saying: "Greek yields are soaring," said Peter Cardillo, chief marketing strategist at Avalon Partners. "The cost of borrowing Greek debt has gone through the roof and that's why we're people go into the Treasury market."
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.32%||4.27%|
|15 yr fixed||3.29%||3.27%|
|30 yr refi||4.29%||4.24%|
|15 yr refi||3.26%||3.25%|
Today's featured rates:
Investor Carl Icahn is among the winners in the cash and stock deal. More
Is the economy back on track after a weak first quarter or about to get blown away? Investors will find out when the curtain is drawn on jobs and GDP data. There's also a Federal Reserve meeting. More
Target hack victims were directed to Experian for protection. But that company has leaked your data too. More
Louisiana is now the top location for motion picture filming, supporting thousands of new jobs and small businesses. More