WASHINGTON (dpa-AFX) - Treasuries moved modestly higher during trading on Thursday, regaining ground following the pullback seen in the previous session.
Bond prices climbed early in the session and remained in positive territory throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.6 basis points to 4.360 percent.
The modest strength among treasuries came after the Commerce Department released a report showing consumer prices in the U.S. increased in line with economist estimates in the month of June.
The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3 percent in June after inching up by an upwardly revised 0.2 percent in May.
Economists had expected the index to climb by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.
The annual rate of growth by the PCE price index accelerated to 2.6 percent in June from an upwardly revised 2.4 percent in May.
Economists had expected the annual rate of growth by the index to accelerate to 2.5 percent from the 2.3 percent originally reported for the previous month.
The report said the core PCE price index, which excludes food and energy prices, also rose by 0.3 percent in June after edging up by 0.2 percent in May. The increase matched economist estimates.
The annual rate of growth by the core PCE price index for June came in at 2.8 percent, unchanged from an upwardly revised reading for May.
Economists had expected annual rate of growth by the core PCE price index to come in unchanged compared to the 2.7 percent originally reported for the previous month.
The Federal Reserve's preferred readings on consumer price inflation were included in the Commerce Department's report on personal income and spending.
The Labor Department's closely watched monthly jobs report is likely to be in focus on Friday, while traders are also likely to keep an eye on a report on manufacturing activity.
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