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U.S. government debt prices were lower on Thursday morning on monetary policy comments and plans to overhaul the tax system.
The yield on the benchmark 10-year Treasury notes, which moves inversely to price, was higher at around 2.314 percent, while the yield on the 30-year Treasury bond was also higher at 2.877 percent.
James Bullard, St. Louis Fed President, said Wednesday that the Federal Reserve doesn't need to increase rates soon because the economy is still moving at a slow pace and inflation is set to remain low.
At the same time, President Donald Trump announced the biggest tax reform for the U.S. in thirty years on Wednesday, proposing tax cuts for most citizens. Though the plan received some criticism for favoring the wealthier and raised doubts over its impact on the country's deficit, the news have been positive for yields.
The U.S. Treasury auctioned $28 billion in seven-year notes on Thursday at 2.130 percent. The bid-to-cover was 2.70, while 11.57 percent of the bonds were bought at high yield.
In oil markets, prices were slightly higher on growing tensions in Iraq. Brent crude traded at around $58.40 a barrel on Thursday morning, up 0.8 percent, while U.S. crude was being sold at $52.74 a barrel, up by more than 1 percent.