Treasurys Rise as Investors Await Jobs Report
Treasury prices strengthened, snapping a three-day losing streak, as investors await an update on the U.S. labor market, a key factor in the Federal Reserve's decision on when to start reducing its quantitative easing program.</br></br>At 3 p.m. EST, the benchmark 10-year note was up 8/32 in price, yielding 2.773%, according to Tradeweb. The 30-year bond gained 14/32 in price to yield 3.835%. Bond prices rise when yields fall.</br></br>"It's nothing more than a retracement," said Millan Mulraine, director of U.S. Research & Strategy at TD Securities.</br></br>The economic calendar was almost empty on Tuesday. A consumer-confidence index showed Americans were a little less gloomy heading into the holiday season.</br></br>In a report, Investor's Business Daily and TechnoMetrica Institute of Policy and Politics (TIPP) said their Economic Optimism Index rose to 43.1 this month from November's reading of 41.4. A reading below 50 indicates pessimism and economists had expected a December reading of 43.2.