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Markets & Finance

Treasury Prices Recover Lost Ground

MARKETSCOPE : Treasury prices edged ahead on Tuesday, recovering from their losses in recent days.

The benchmark 10-year Treasury note rose 04/32 to 98-06/32 for a yield of 4.73%, while the 30-year bond climbed 09/32 to 96-17/32 for a yield of 4.72%.

Price strength likely reflects some position squaring ahead of the Bank of Japan's policy meeting Wednesday and Thursday. Some investors expect the BoJ to signal it will start bringing an end to its quantitative easing policy, which has put upward pressure on bond yields globally.

St. Louis Fed President Poole said he thought the Fed would have to raise rates again if the economy continued to grow as it has, according to Reuters.

Poole's comments curbed curve flattening activity in the market. Also, a $5 billion Freddie Mac deal was priced, which might have impacted the Treasury market, according to Stone & McCarthy's John Canavan.

News also hit that U.S. fourth quarter productivity growth was revised higher to -0.5% from the previously reported -0.6%. It was the first decline in productivity since the first quarter of 2001, when the recession began.

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