Treasury Bonds Fall For Second Consecutive Day, Thursday, June 21, 2007 3:50:36 PM
Treasury bonds lost ground on Thursday, continuing selling that began during the previous session. Traders considered a few economic reports, including a closely-watched regional manufacturing survey from a branch of the U.S. central bank.Treasuries slipped at the outset of trading and added to their losses late in the day. This pushed yields higher. The fall continued weakness that took place on Wednesday, when the fixed income market halted a recent bout of bargain hunting. On Thursday, the yield on the benchmark 10-year note rose 4 basis points to reach 5.163%.
In the middle of the day, the Federal Reserve Bank of Philadelphia revealed that its diffusion index of current activity rose to 18 in June from a level of 4.2 in the previous month. This marked the highest level since April of 2005. Any reading above zero indicates expansion in the region`s manufacturing sector.
Earlier in the day, the U.S. Labor Department revealed that initial jobless claims, a measure of people filing for first time unemployment benefits, rose 10,000 last week to reach 324,000. This surprised economists, who were generally expecting a slight decline. Also in the morning, a research firm known as the Conference Board announced that its index of leading economic indicators climbed 0.3% in May. This index compiles 10 economic statistics that tend to move ahead of changes in the overall economy.
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posted by Kalin Tasev @ 3:00 PM
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