WASHINGTON (dpa-AFX) - Treasuries moved to the upside during trading on Thursday, regaining ground following the pullback seen over the two previous sessions.
Bond prices advanced in morning trading and remained firmly positive throughout the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 5.3 basis points to 4.424 percent.
The rebound by treasuries came following news that a federal court blocked U.S. President Donald Trump's 'reciprocal tariffs' on imports from U.S. trade partners from going into effect.
The Court Of International Trade ruled Trump overstepped his authority to impose the tariffs by invoking emergency economic powers.
The Trump administration immediately appealed the ruling, which could end up being decided by the U.S. Supreme Court.
Treasuries may have benefitted from their appeal as a safe haven amid lingering uncertainty trade following the ruling.
'The administration is appealing the decision to invalidate the tariffs and is likely working on alternative proposals to replace the invalidated one in case they lose,' said Bill Adams, Chief Economist for Comerica Bank.
He added, 'The surprise court decision reinforces the depth of uncertainty overhanging the economy in 2025.'
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