Treasuries Move Sharply Higher After Early Volatility

(RTTNews) - After seeing significant volatility early in the session, treasuries moved sharply higher over the course of the trading day on Thursday.

Bond prices climbed firmly into positive after spending early trading bouncing back and forth across the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 10.5 basis points to 3.449 percent.

With the steep drop on the day, the ten-year yield ended the session at its lowest closing level in over a month.

The strength that emerged among treasuries came following the release of highly anticipated consumer price inflation data, which largely came in line with economist estimates.

The Labor Department said its consumer price index edged down by 0.1 percent in December after inching up by 0.1 percent in November. Economists had expected consumer prices to come in unchanged.