2024.02.0719:15:00UTC+00Treasuries Close Modestly Lower Following Choppy Trading Day

Following the notable rebound seen in the previous session, treasuries showed a lack of direction over the course of the trading day on Wednesday.

Bond prices spent most of the day lingering near the unchanged line before closing modestly lower. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by 2.0 basis points to 4.110 percent.

The choppy trading came as another relatively quiet day on the U.S. economic front kept some traders on the sidelines.

The modestly lower close came even though the Treasury Department revealed this month's auction of $42 billion worth of ten-year notes attracted above average demand.

The ten-year note auction drew a high yield of 4.093 percent and a bid-to-cover ratio of 2.56, while the ten previous ten-year note auctions had an average bid-to-cover ratio of 2.48.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

A report on weekly jobless claims may attract attention on Thursday along with the results of the Treasury's auction of $25 billion worth of thirty-year bonds.