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Treasuries Extend Recent Move To The Downside

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Treasuries came under pressure over the course of the trading day on Thursday, extending the downward trend seen over the past several sessions.

Bond prices moved to the downside 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, rose 4.3 basis points to 2.652 percent.

With the continued increase on the day, the ten-year yield ended the session at its highest closing level in over three years.

The continued weakness among treasuries reflected recent downward momentum, as traders remain worries about the Federal Reserve aggressively tightening monetary policy.

With the Federal Reserve’s next monetary policy meeting almost a month away, traders are likely to keep a close eye on the latest economic data for clues about how aggressive the central bank will be.

The Labor Department released a report this morning showing a modest decrease by first-time claims for unemployment benefits in the week ended April 2nd.

The report showed initial jobless claims dipped to 166,000, a decrease of 5,000 from the previous week’s revised level of 171,000.

Economists had expected jobless claims to edge down to 200,000 from the 202,000 originally reported for the previous week.

The economic calendar is relatively quiet for the rest of this week but will pick up next week with the release of reports on consumer and producer price inflation, retail sales and industrial production.

*U.S. Consumer Credit Spikes By $41.9 Billion In February

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