WASHINGTON (dpa-AFX) - Treasuries moved to the upside during trading on Thursday, regaining ground after seeing notable weakness in the previous session.
Bond prices advanced early in the session and remained in positive territory throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 2.8 basis points to 4.288 percent.
The rebound by treasuries came as traders looked ahead to the closely watched U.S. inflation data on Friday.
The Commerce Department is due to release its report on personal income and spending in the month of May, which includes readings on inflation said to be preferred by the Federal Reserve.
The report is expected to show a modest slowdown in the annual rate of consumer price growth and could have a significant impact on the outlook for interest rates.
On the U.S. economic front, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits fell by more than expected in the week ended June 22nd.
The Labor Department said initial jobless claims dropped to 233,000, a decrease of 6,000 from the previous week's revised level of 239,000.
Economists had expected jobless claims to edge down to 236,000 from the 238,000 originally reported for the previous week.
Meanwhile, the Commerce Department released a report showing new orders for U.S. manufactured durable goods unexpectedly crept higher in the month of May.
The report said durable goods orders inched up by 0.1 percent in May after rising by a downwardly revised 0.2 percent in April.
Economists had expected durable goods orders to slip by 0.1 percent compared to the 0.6 percent increase that had been reported for the previous month.
Excluding an increase orders for transportation equipment, durable goods orders edged down by 0.1 percent in May after climbing by 0.4 percent in April. Ex-transportation orders were expected to rise by 0.2 percent.
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