WASHINGTON (dpa-AFX) - Treasuries moved to the downside during trading on Thursday, giving back ground after moving sharply higher over the past several sessions.
Bond prices came under pressure early in the session and remained firmly negative throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.6 basis points to 4.285 percent.
The pullback by treasuries may have reflected profit taking, with the ten-year yield moving higher for the first time in seven sessions and bouncing off its lowest closing level since early December.
While treasuries have recently benefited from their appeal as a safe haven amid concerns about President Donald Trump's trade policies, they seemed to shrug off the latest tariff news.
Trump clarified that previously paused 25 percent tariffs on imports from Mexico and Canada will go into effect on March 4th.
Trump said an additional 10 percent tariff on imports from China will also be imposed on that date, claiming drugs are pouring into the U.S. from Mexico and Canada and that a large percentage of the drugs are supplied by China.
The president also said in a Truth Social post that the April 2nd date for reciprocal tariffs on other U.S. trade partners will 'remain in full force and effect.'
Traders were also digesting the latest batch of U.S. economic data, including a Labor Department report showing first-time claims for U.S. unemployment benefits climbed much more than expected in the week ended February 22nd.
A separate report released by the Commerce Department showed durable goods orders surged by much more than expected in January, although the growth was largely due to a spike in volatile orders for transportation equipment.
Trading on Friday is likely to be driven by reaction to the Commerce Department's reports on personal income and spending in January, which includes the Federal Reserve's preferred consumer price inflation readings.
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