WASHINGTON (dpa-AFX) - After ending yesterday's lackluster session roughly flat, treasuries moved to the upside during trading on Thursday.
Bond prices gave back some ground after an early advance but remained firmly positive. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 3.4 basis points to 4.762 percent.
With the decrease on the day, the ten-year yield gave back ground after reaching its highest levels in well over a year.
Treasuries benefitted from reflect easing concerns about the outlook for interest rates, as CME Group's FedWatch Tool shows a notable decrease in the likelihood of a rate hike later this month.
CME Group's FedWatch Tool currently indicates there is still a 50.4 percent chance the Fed will raise rates by a quarter point, but that is down from 63.2 percent on Wednesday.
The decrease comes after Federal Reserve Governor Christopher Waller indicted in an interview with Reuters that he is leaning towards keeping rates unchanged at the upcoming meeting.
Waller said he would be 'inclined to support' leaving rates unchanged if the data due over the next two weeks continues to show 'some signs of disinflation.'
Traders were also looking ahead to Friday's closely watched monthly employment report for August, which could have a significant impact on the outlook for interest rates.
Economists currently expect employment to climb by 55,000 jobs in August after dipping by 23,000 jobs in July, while the unemployment rate is expected to tick up to 4.2 percent from 4.1 percent.
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