Treasuries Tread Water
Treasuries finished little changed Thursday. The 10-year note finished unchanged at 95-29/32 for a yield of 5.03%. The 30-year bond edged up 03/32 to 94-12/32 for a yield of 5.12%.
The intraday range was relatively narrow, with prices falling early and gradually recovering throughout the day.
Initial jobless claims, leading indicators, and the FOMC minutes to the June meeting had little impact on the market.
The bond market appears to be in a choppy, nontrending environment that could continue in the coming days or weeks, before a new trend emerges.
Technical support ranges 4.985%-4.90%; as long as this range is respected, the path of least resistance will be up, staying with the intermediate-term uptrend from mid-May.