Treasuries showed a notable move to the downside during trading on Wednesday, pulling back following the advance seen over the two previous sessions.
Bond prices moved significantly lower in morning trading before moving roughly sideways in the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.8 basis points to 0.619 percent.
The increase by the ten-year yield came after it ended the previous session at its lowest closing level since hitting a record lower in early March.
The pullback by treasuries was partly due to a substantial rebound in oil prices following the historic drop seen earlier this week.
The front month crude oil contract turned negative for the first time in history on Monday, and later month futures showed another substantial move to the downside on Tuesday.
However, crude oil for June delivery moved sharply higher over the course of the day after falling near $10 a barrel overnight. Crude for June delivery surged up $2.21 to $13.78 a barrel.
The appeal of bonds also waned on news that the Senate has passed a new bill to provide funding for hospitals and small businesses and expand coronavirus testing.
The $484 billion aid package was approved unanimously by the Senate and now heads to the House, which could approve the bill as soon as Thursday.
President Donald Trump has said he will sign the bill and then plans to begin discussions on additional legislation to provide fiscal relief for states and local governments, increase infrastructure spending, provide tax incentives for restaurants and entertainment businesses and cut payroll taxes.
Following a few relatively quiet days on the economic front, trading on Thursday may be impacted by reaction to reports on weekly jobless claims and new home sales.
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