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NEW YORK: US government debt prices trimmed gains on Thursday with longer-dated issues hitting session lows, as traders turned their focus to the upcoming $13 billion auction of 30-year bonds.
The bond market rallied overnight on perceived dovish remarks from Federal Reserve Chairman Ben Bernanke who said late Wednesday a "highly accommodative policy is needed for the foreseeable future."
Benchmark 10-year Treasury notes last traded 20/32 higher in price to yield 2.597 percent, down 7.7 basis points from late on Wednesday.
The 30-year bond was up 20/32 in price with a yield of 3.644 percent, down 3.8 basis points from Wednesday.
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