Treasury prices declined on Thursday after better-than-expected readings on manufacturing and jobless claims.
The Treasury market showed little reaction to Federal Reserve Chairman Ben Bernanke’s second and final day of testimony on Capitol Hill, with strategists saying the Fed chief didn’t stray much from his comments on Wednesday.
The 10-year Treasury note 10_YEAR -0.04% yield, which moves inversely to price, was last up 4.5 basis points to 2.539%. The 30-year bond 30_YEAR -0.11% yield advanced 5 basis points to 3.630%, while the 5-year note 5_YEAR -0.23% yield added 2 basis points to 1.334%.
On Wednesday, Treasury prices gained along with U.S. stocks as Bernanke signaled the central bank would not rush to taper its bond-buying program.
Early Thursday, the latest figure for initial weekly jobless claims came in slightly better than expected. However, it’s difficult to precisely measure claims this month because of distortions from annual auto plant shutdowns and the July 4 holiday.
Treasury prices added to their losses after a much better-than-expected reading for the Philadelphia Federal Reserve’s manufacturing survey.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Mingze Wu
centers on forex and macro-economic trends impacting the Asia Pacific region.
Latest posts by Mingze Wu (see all)
- European Bourses Not Enjoying Bullish Winds From US Stocks - 17 April 2014
- More Aggressive Stimulus Possible Despite Premier Li’s Denial - 17 April 2014
- China March FDI -1.5% Y/Y vs +2.05% expected. First decline in more than a year. - 16 April 2014