WASHINGTON (dpa-AFX) - After trending higher over the past several sessions, treasuries gave back some ground over the course of the trading day on Thursday.
Bond prices came under pressure early in the day and remained firmly negative throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.8 basis points to 3.991 percent.
The pullback by treasuries came as some traders looked to cash in on the recent strength in the bond markets, which dragged the ten-year yield down to its lowest closing level in over a year.
Traders were also looking ahead to the release of the Labor Department's closely watched monthly jobs report on Friday.
While most U.S. economic reports have been indefinitely postponed due to the ongoing government shutdown, the consumer price index data is being released, as it allows the Social Security Administration to meet statutory deadlines necessary to ensure the accurate and timely payment of benefits.
Economists currently expect the report show consumer prices rose by 0.4 percent in September, while the annual rate of consumer price growth is expected to accelerate to 3.1 percent in September from 2.9 percent.
Core consumer prices, which exclude food and energy prices, are expected to rise by 0.3 percent in September, although the annual rate of core consumer price growth is expected to hold at 3.1 percent.
The data could have an impact on the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting next week.
In other U.S. economic news, a report released by the National Association of Realtors this morning showed existing home sales in the U.S. increased in line with economist estimates in the month of September.
NAR said existing home sales jumped by 1.5 percent to an annual rate of 4.06 million in September after dipping by 0.2 percent to an annual rate of 4.00 million in August. The rebound matched expectations.
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