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Markets & Finance

Treasury Prices Fall After Economic Data News

MARKETSCOPE : Treasury bond prices were falling Wednesday, as investors watched news about international capital inflows and awaited release of the Fed Beige Book.

The benchmark 10-year Treasury notes were yielding 4.74% at noon Eastern Standard Time, compared to 4.69% at Tuesday's close. Yields rise when prices fall. The 30 year bonds were yielding 4.76% from 4.70%.

Net foreign purchases of U.S. assets rose $66.0 billion in January from $53.8 billion in December, revised from $56.5 billion. Purchases of Treasuries slowed to $4.4 billion from $18.3 billion. Organization of Petroleum Exporting Countries members increased their Treasury holdings by $11.1 billion, while the U.K. picked up $10.4 billion. China added $5.9 billion, but Japan dumped $16.6 billion Treasurys. Capital inflows failed to cover the record trade deficit of $68.5 billion in January.

The New York Fed's Empire State manufacturing Index rose to a higher than expected 31.16 level in March from 21.01 in February, which was revised from 20.3. U.S. February Import Prices fell 0.5% after rising 1.4% in January, which was revised from 1.3%. The National Association of Home Builders index fell to 55 in March from 56 in February, which was revised from 57.

The Fed Beige Book report on the U.S. economic outlook comes out at 2 pm Eastern Standard Time. Investors hope it will provide clues about the Fed's next move on monetary policy. Treasury bond markets had staged a large technical rally on Tuesday.

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