Treasuries Move Back To The Downside

(RTTNews) - Treasuries moved to the downside during trading on Wednesday, giving back ground after turning higher over the course of the previous session.

Bond prices came under pressure early in the session and remained in negative territory throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 3.1 basis points to 4.338 percent.

The pullback by treasuries came after the Commerce Department released a report showing an unexpected increase by new orders for U.S. manufactured durable goods in the month of February.

The Commerce Department said durable goods orders climbed by 0.9 percent in February after spiking by an upwardly revised 3.3 in January.

Economists had expected durable goods orders to slump by 1.0 percent compared to the previously reported 3.2 percent surge.

Excluding a jump by orders for transportation equipment, durable goods orders still rose by 0.7 percent in February after inching up by 0.1 percent in January. Ex-transportation orders were expected to rise by 0.2 percent.

Meanwhile, traders largely shrugged off news President Donald Trump plans to announce new tariffs on auto imports later this afternoon.

Trading on Thursday may be impacted by reaction to the latest tariff news as well as reports on weekly jobless claims and pending home sales.