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Most US Treasuries prices were modestly lower on Thursday, as a rally on Wall Street and a surprisingly large upward revision on US economic growth in the second quarter revived some bets the Federal Reserve would raise rates by year-end. Lingering doubts about the US expansion due to worries about China's economy and its stock market limited the rise in US yields, which had reached one-week highs, analysts said.
The Commerce Department said US gross domestic product grew at a 3.7 percent annual pace in the quarter ended in June, faster than the 2.3 percent rate reported last month and beating the 3.2 percent rate forecast by economists Reuters polled. The housing sector remained an encouraging sector as private data showed pending home sales grew 0.5 percent in July, albeit more slowly than expected.
"The market is moving on good economic data and higher stock prices. We have retraced the whole move since last week's global market sell-off," said Thomas Roth, executive director of US government bond trading at Mitsubishi UFJ Securities USA in New York. In another choppy session, the bond market turned flat, paring early losses as major US stock indexes halved their initial gains before retesting session highs shortly ahead of the market close. Benchmark 10-year Treasuries notes were down 4/32 in price to yield 2.179 percent, up more than 1 basis point from Wednesday, while two-year notes fell 1/32 to yield 0.688 percent, up 2 basis points on the day.

Copyright Reuters, 2015

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