WASHINGTON (dpa-AFX) - After showing an early moved to the downside, treasuries rebounded and moved slightly higher over the course of the trading day on Tuesday.
Bond prices climbed well off their early lows and ended the day in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by nearly a basis point to 2.298 percent.
The rebound by treasuries came despite the release of a batch of largely upbeat U.S. economic data, including a report from the Federal Reserve showing industrial production rebounded by slightly more than expected in September.
The report said production rose by 0.3 percent in September after sliding by 0.7 percent in August. Economists had expected production to edge up by 0.2 percent.
The Fed said the continued effects of Hurricane Harvey and, to a lesser degree, the effects of Hurricane Irma held down production growth by a quarter of a percentage point in September.
A separate report from the National Association of Home Builders showed an unexpected jump in homebuilder confidence in the month of October.
The report said the NAHB/Wells Fargo Housing Market Index surged up to 68 in October after dropping to 64 in September. Economists had expected the index to come in unchanged compared to the previous month.
Meanwhile, the Labor Department released a report showing import and export prices both increased by more than anticipated in September.
A report on housing starts may attract attention on Wednesday along with the Fed's Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts.
Copyright RTT News/dpa-AFX