Business News

Bond Prices Shift Lower

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U.S. Treasury prices were spun lower Monday following a stronger manufacturing report, with a jump in volume on the last leg lower. The market had been taking a shot at trimming overnight losses early in light volume trade, but the later data put a stop to that move. Numbers were mixed with the early June manufacturing number a touch lower as was construction spending in May. With the data out of the way, participants warn of potentially choppy conditions in low volume trade, noting a marginal-sized early buyer in the September 10-year Treasury note futures briefly boosting prices. Traders will be eyeing stocks and oil for directional guidance. Markets will close early at 1 p.m. ET with a full close Tuesday for the July 4 holiday.

The 30-year yield recently traded near the highs near 2.8697% from a early 2.823% and 2.839% close Friday. The 10-year yield was challenging the mid May highs, just off the 2.3474% high from an early 2.2888% and close near 2.302%. The five-year yield went after the 1.935% high from an early 1.8753% and close near 1.887% Friday. The two-year yield was also on the highs at 1.422% from an early 1.3778% and 1.386% close.

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