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||3.84%||3.83%|
|15 yr fixed||3.02%||3.05%|
|30 yr refi||3.81%||3.82%|
|15 yr refi||3.01%||3.06%|
Today's featured rates:
Nike is opening up shop on Amazon.com and the company plans "big shifts" over the coming year. More
The Congressional Budget Office narrows its projection for when Treasury will run short on money if Congress doesn't raise or suspend the country's debt ceiling. More
The fall of AlphaBay has dark-web buyers skittish More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
The newly revamped Citi Prestige card offers 75,000 sign up points and a fourth night free at hotels. But you have to spend $7,500 in the first three months to get the offer. More