U.S. Treasury Yields Drift Lower Following Weak Bond Auction

On Friday morning U.S. Treasury yields dipped, following weak demand for new 30-year bonds in an auction in the previous session. The yield on the benchmark 10-year Treasury note fell to 1.1549% at 5:05 a.m. ET, while the yield on the 30-year Treasury bond slipped to 1.9377%. Yields move inversely to prices.

U.S. government bond yields ebbed lower, following soft demand for 30-year Treasuries in the auction on Thursday, according to a Reuters report. This reportedly followed strong demand in auctions for 10-year and 3-year notes earlier in the week.

Treasury yields also continued to drift lower following worse-than-expected jobless claims data, released Thursday. The Labor Department reported a total of 793,000 new unemployment insurance claims for the week ended Feb. 6, which was higher than the 760,000 forecasted by economists surveyed by Dow Jones.

Meanwhile, President Joe Biden announced Thursday that the administration had secured deals for another 200 million doses of Covid-19 vaccine, taking the U.S. total to 600 million. On Friday, the University of Michigan is due to release preliminary consumer expectation and inflation data for February, which is expected to be published at 10 a.m. ET.

U.S. Treasury Yields Drift Lower Following Weak Bond Auction via @marketinvestor
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