Long yields briefly pared losses on Thursday as the U.S. government’s auction of 30-year bonds drew weak demand.
The Treasury Department auctioned $16 billion in 30-year bonds at a high yield of 3.044 percent, which was the highest since November. The bid-to-cover ratio, an indicator of demand, was 2.20. That was well bellow its recent average of 2.41.
Indirect bidders, which include major central banks, were awarded 50.8 percent, above the 49 percent average. Direct bidders, which includes domestic money managers, brought 11 percent, versus a recent average of 16 percent.