WASHINGTON (dpa-AFX) - Extending the pullback seen over the past few sessions, treasuries showed a notable move to the downside during trading on Thursday.
Bond prices moved modestly lower early in the session and slid more firmly into negative territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 5.3 basis points to 4.324 percent.
With the increase, the ten-year yield closed higher for the fourth straight session, continuing to rebound after ending last Friday's trading at its lowest closing level in over a month.
The continued weakness among treasuries came the Labor Department released a report showing producer prices in the U.S. increased by more than expected in the month of November.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in November after rising by an upwardly revised 0.3 percent in October.
Economists had expected producer prices to inch up by 0.2 percent, matching the uptick originally reported for the previous month.
The report also said the annual rate of producer price growth accelerated to 3.0 percent in November from an upwardly revised 2.6 percent in October.
The annual rate of producer price growth was expected to rise to 2.6 percent from the 2.4 percent originally reported for the previous month.
While the Federal Reserve is still widely expected to lower interest rates next week, the data has raised some concerns about how quickly the central bank will lower rates early next year.
A report on import and export prices may attract some attention on Friday, as traders look for additional clues about the outlook for inflation.
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