{"id":122664,"date":"2021-04-26T20:04:18","date_gmt":"2021-04-26T20:04:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=122664"},"modified":"2021-04-26T20:04:18","modified_gmt":"2021-04-26T20:04:18","slug":"treasuries-close-nearly-unchanged-after-recovering-from-initial-weakness","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/treasuries-close-nearly-unchanged-after-recovering-from-initial-weakness\/","title":{"rendered":"Treasuries Close Nearly Unchanged After Recovering From Initial Weakness"},"content":{"rendered":"
After recovering from an initial move to the downside, treasuries showed a lack of direction over the course of the trading day on Monday.<\/p>\n
Bond prices spent most of the session lingering near the unchanged line before closing roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 1.570 percent.<\/p>\n
The choppy trading on the day came as traders seemed reluctant to make significant moves ahead of the Federal Reserve’s monetary policy announcement on Wednesday.<\/p>\n
The Fed is widely expected to maintain its ultra-easy monetary policy, but traders will be paying close attention to any changes to the accompanying statement that may signal a shift in the near future.<\/p>\n
In U.S. economic news, a report released by the Commerce Department showed new orders for U.S. manufactured durable goods increased by much less than expected in the month of March.<\/p>\n
The Commerce Department said durable goods orders rose by 0.5 percent in March after falling by a revised 0.9 percent in February.<\/p>\n
Economists had expected durable goods orders to spike by 2.5 percent compared to the 1.2 percent slump that had been reported for the previous month.<\/p>\n
The much weaker than expected durable goods orders growth was partly due to a continued decrease in orders for transportation equipment.<\/p>\n
Excluding the drop in orders for transportation equipment, durable goods orders jumped by 1.6 percent in March after dipping by 0.3 percent in February. The increase matched economist estimates.<\/p>\n
Meanwhile, traders largely shrugged off the results of the Treasury Department’s auctions of two-year and five-year notes, which attracted below average demand.<\/p>\n
Trading activity may remain light on Tuesday as the Fed announcement looms, although reports on home prices and consumer confidence may attract some attention. <\/p>\n