Treasuries Move Back To The Upside On Slew Of Data

(RTTNews) - After moving lower over the course of the two previous sessions, treasuries moved back to the upside during trading on Thursday.

Bond prices moved notably higher in early trading and remained firmly positive throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 4.1 basis points to 2.843 percent.

The ten-year yield partly offset the gains posted over the past two days but remained above the one-month closing low set on Monday.

The rebound by treasuries came on the heels of the release of a slew of U.S. economic data, including relatively tame consumer price inflation data.

Early in the day, the Labor Department released a report showing that its consumer price index rose by 0.3 percent in December after coming in unchanged in November.

While the price growth reflects the biggest monthly advance since June, the increase matched the expectations of economists.

Excluding food and energy prices, the core consumer price index edged up by 0.1 percent in December after rising by 0.2 percent in November. The uptick in core prices also matched expectations.

A separate report from the National Association of Home Builders showed a pullback in homebuilder confidence in the month of January.

The report said the NAHB/Wells Fargo Housing Market Index edged down to 56 in January after jumping to 57 in December.

Meanwhile, the Labor Department released a report showing a modest drop in initial jobless claims in the week ended January 11th.

Another batch of U.S. economic data is scheduled to be released on Friday, with traders likely to keep an eye on reports on housing starts, industrial production, and consumer sentiment.