Ten-Year Yield Tumbles To Four-Month Closing Low

(RTTNews) - After ending the previous session moderately lower, treasuries showed a substantial move back to the upside during trading on Wednesday.

Bond prices moved sharply higher early in the session and remained firmly positive throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, plunged by 16 basis points to 3.375 percent.

The ten-year yield more than offset the uptick seen on Tuesday, ending the session at its lowest closing level in four months.

The rally by treasuries came following the release of a slew of U.S. economic data, including a Commerce Department report showing a steep drop in U.S. retail sales in the month of December.

The Commerce Department said retail sales tumbled by 1.1 percent in December after slumping by a revised 1.0 percent in November.