Treasuries Gain as Mounting Data Point to Softer Inflation, Jobs
- US producer prices surprise with biggest decline since October
- Auction of long-dated bonds lured strong investor demand
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A rally in the Treasury market lured investors to a sale of 30-year securities after new economic data bolstered bets the Federal Reserve will cut interest rates more than policymakers anticipate.
Yields across the maturity spectrum declined on Thursday, with most reaching the lowest levels since early April after the auction drew strong demand. Five- and seven-year yields declined as much as 10 basis points, and all yields remained lower by at least 7 basis points after the sale.