WASHINGTON (dpa-AFX) - Treasuries showed a strong move to the upside early in the session but gave back ground over the course of the trading day on Tuesday.
Bond prices pulled back well off their early highs, ending the day roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 4.460 percent after hitting a low of 4.406 percent.
Treasuries initially benefitted from their appeal as a safe haven after the Organization for Economic Co-operation and Development has lowered its global growth forecast for 2025 to 2.9 percent from 3.1 percent.
The Paris-based firm said the outlook across the globe has become challenging due to rising trade barriers and policy uncertainty, which is weighing on consumer confidence and blocking investments.
However, buying interest waned following the release of a Labor Department report showing an unexpected increase by U.S. job openings in April.
The Labor Department said job openings climbed to 7.391 million in April from an upwardly revised 7.200 million in March.
Economists had expected job openings to decrease to 7.100 million from the 7.192 million originally reported for the previous month.
'The higher-than-expected job openings number this morning is a good sign for the economy, as many were worried that the tariff uncertainty was weighing too heavily on businesses,' Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management.
Traders may also have been reluctant to make significant bets as they await further developments on the trade front a month ahead of the expiration of President Donald Trump's 90-day tariff pause.
Trading on Wednesday may be impacted by reaction to reports on private sector employment and service sector activity, while any developments on the trade front are also likely to attract attention.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
