MARKETSCOPE : Treasury bond prices shed their early morning gains on Wednesday, after news of stronger than expected prices in Chicago and third quarter Gross Domestic Product in the U.S.
The 10-year note fell 03/32 during the day to 100-03/32 for a yield of 4.49%, while the 30-year bond edged down 02/32 to 109-01/32 for a yield of 4.69%.
The Chicago Purchasing Managers' Index slowed to 61.7 in November after rising to 62.9 in October. The November number was better than the 60.0 reading the market anticipated. However, the prices paid component of the index surged to 94.1 from 79.6.
U.S. third quarter GDP growth was revised to a 4.3% rate. Some analysts had expected the rate to be revised to up 4.1% from the 3.8% orginally reported.
The Fed's Beige Book said U.S. economic activity continued to expand from mid-October through mid-November, among other things. Markets shrugged off the news.
Investors are scrutinizing the signs of U.S. economic growth and inflation as they continue making bets on interest rates. The Federal Open Market Committee has raised rates 12 times since 2004, in an effort to control inflation by making debt more expensive.