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US Treasury yields hit session lows after auction

U.S. government debt prices were up slightly from their late Wednesday levels on Thursday after U.S. initial jobless claims data largely matched expected readings.

The Treasury Department auctioned $28 billion in 7-year notes at a high yield of 2.284 percent.

The bid-to-cover ratio, an indicator of demand, was 2.54, above a recent average of 2.51. Indirect bidders, which include major central banks, were awarded 64 percent, also above average. Direct bidders, which includes domestic money managers, bought 19 percent, well above a recent average of 12 percent and the best since August of 2014.

After the auction, the yield on the benchmark 10-year Treasury note fell below session lows to 2.462 percent, its lowest level in more than two weeks. The 10-year note yield eventually rose to 2.474. The yield on the 30-year Treasury bond was also down at 3.08 percent. Bond yields move inversely to prices.

Symbol
Yield
 
Change
%Change
US 3-MO
---
US 1-YR
---
US 2-YR
---
US 5-YR
---
US 10-YR
---
US 30-YR
---

The market reversed earlier lows ahead of the labor data, which showed 265,000 people applied for unemployment benefits during the week, in line with expectations of economists.

The U.S. Treasury will also announce the size of a 13-week bills auction, a 26-week bills auction, a four-week bills auction, and a 52-week bills auction, all of which are set to take place next week.

Meanwhile in oil, WTI and Brent crude futures hovered around the flat-line or posted slight losses early on Thursday, with WTI settling down at $53.77, while Brent was down 8 cents, at $56.14 a barrel.

Reuters contributed to this report.


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