WASHINGTON (dpa-AFX) - Following the strength seen in the previous session, treasuries have shown a lack of direction over the course of the trading day on Wednesday.
Boned prices have spent the day bouncing back and forth across the unchanged line. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 5.125 percent.
The choppy trading in the bond markets comes as traders seem reluctant to make significant moves amid a relatively quiet day on the U.S. economic front.
Traders may be looking ahead to the release of the Labor Department's reports on weekly jobless claims on Thursday.
Economists currently expect jobless claims to inch up to 200,000 in the week ended October 17th from the previous week's 199,000.
Jobless claims have shown very little movement over the past several weeks, pointing to stability in the labor market.
Meanwhile, traders shrugged off the results of this month's auction of $13 billion worth of twenty-year bonds, which attracted above average demand.
The twenty-year bond auction drew a high yield of 5.469 percent and a bid-to-cover ratio of 2.73, while the ten previous twenty-year bond auctions had an average bid-to-cover ratio of 2.64.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
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