Treasury prices declined on Thursday after better-than-expected readings on manufacturing and jobless claims.
The Treasury market showed little reaction to Federal Reserve Chairman Ben Bernanke’s second and final day of testimony on Capitol Hill, with strategists saying the Fed chief didn’t stray much from his comments on Wednesday.
The 10-year Treasury note 10_YEAR -0.04% yield, which moves inversely to price, was last up 4.5 basis points to 2.539%. The 30-year bond 30_YEAR -0.11% yield advanced 5 basis points to 3.630%, while the 5-year note 5_YEAR -0.23% yield added 2 basis points to 1.334%.
On Wednesday, Treasury prices gained along with U.S. stocks as Bernanke signaled the central bank would not rush to taper its bond-buying program.
Early Thursday, the latest figure for initial weekly jobless claims came in slightly better than expected. However, it’s difficult to precisely measure claims this month because of distortions from annual auto plant shutdowns and the July 4 holiday.
Treasury prices added to their losses after a much better-than-expected reading for the Philadelphia Federal Reserve’s manufacturing survey.
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