Treasuries fell modestly Thursday on back of an unexpectedly strong May Chicago PMI reading that overshadowed a downward revision to Q1 GDP.
The 10-year note fell 07/32 in price to 97-30/32 for a yield of 4.89%. The 30-year bond fell 06/32 to 95-31/32 for a yield of 5.01%.
The 10-year Treasury yield tested technical resistance at 4.90% and pulled back. If resistance here holds, the yield would be at a natural place to turn back down in the near future after surging since mid-May.
Near-term Treasury market direction could depend on the May labor report Friday morning, which is expected to show nonfarm payroll job growth of 140,000.