US Treasurys higher amid Trump remarks, Fed speakers and 30-year bonds sale

Bond traders at CME Group
Getty Images

U.S. government debt prices were higher on Thursday as investors continued to digest President-elect Donald Trump's latest remarks amid several Federal Reserve speakers.

The yield on the benchmark 10-year Treasury note fell to 2.343 percent, while the yield on the 30-year Treasury bond was also lower at 2.924 percent. Yields move inversely to prices. Thursday morning saw the 10-year Treasury yield fall to its lowest since November 30.


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Treasury prices built on momentum spurred following President-elect Donald Trump's news conference. Trump discussed a wide range of subjects, but failed to deliver concrete details on some of his proposed policies.

Investors kept an eye on a roster of Federal Reserve officials who are speaking at various events for any clues on interest rates and inflation. Philadelphia Fed President Patrick Harker said in prepared remarks three rate hikes are appropriate.

Philadelphia Fed President Patrick Harker, a voting member of the central bank's policymaking committee, said in prepared remarks three rate hikes are appropriate.

Harker, speaking on the economic outlook before the Main Line Chamber in Malvern, Pa., said 2017 is starting off on a "good foot" and inflation expectations are starting to rally. Still, he said monetary policy is a "limited set of tools" and growth policies are up to elected officials.

Chicago Fed President Charles Evans struck a more cautious note, however. He said Thursday the economy could grow strongly for a bit, bit that it is likely unsustainable. Evans is also a voting member of the Federal Open Market Committee.

Dallas Fed President Rob Kaplan, another voting member, noted in his speech that several of Trump's plans would likely boost productivity in the U.S.. Fed Chair Janet Yellen will address educators at town hall meeting in Washington from 7 p.m.

On the data front, initial jobless claims rose less than expected. Elsewhere, the Treasury Department auctioned $12 billion in 30-year bonds at a high yield of 2.914 percent on Thursday. The bid-to-cover ratio, an indicator of demand, was 2.32.

Indirect bidders, which include major central banks, were awarded 66.7 percent. Direct bidders, which includes domestic money managers, bought 4.5 percent. The 30-year bond yield held lower after the sale, near 2.917 percent.

—CNBC's Berkeley Lovelace Jr. contributed to this report.