Fixed Income Close
Bonds soared early on weak GDP and Initial Jobless Claims data, and maintained momentum throughout the day to finish near the top end of their ranges.
The long end performed best (after the Chicago PMI showed the highest Prices Paid reading since 1980), with the 30yr adding 24 ticks to yield 4.599% and the 10yr up 23, pushing its yield under 4% to 3.973%. The 2yr rose 7 ticks to yield 2.524%.
The 4wk bill saw plenty of buying interest, too, with Its yield was down 13bps to 1.52%, while the 1yr yield dropped 6bps to 2.26%. The 3-month bill ended up 1bp lower at 1.67% and the 6-month fell 3bps to 1.85%.