NEW YORK: US Treasuries prices steadied after two days of losses and were little changed on Wednesday as debt traders awaited possible monetary policy shifts by European central bankers and a key report on American unemployment. Treasuries traded tightly, with the yield on 30-year bonds hovering around 3 percent.
"The market is pretty much in lockdown mode," said Eric Green, head of US rates and research at TD Securities in New York. "The market is not going to move before the ECB tomorrow and payrolls on Friday."
European Central Bank policymakers meet on Thursday and may announce asset buying, interest rate changes or other policy moves meant to help Europe's slumping economy.
Traders also focused on Friday's key monthly US unemployment report, which often moves markets.
Economists polled by Reuters see the November unemployment rate at 5.8 percent, unchanged from October.
US government debt prices turned up briefly after a survey of US private employers showed jobs being added at a brisk pace.
But other data showed sharp downward revisions to workers' pay in the second and third quarters, suggesting the Federal Reserve had room to maintain its low interest rate policy for a while.
"A somewhat disappointing release, but one that suggests little in the way of wage pressure for the time being," analyst Ian Lyngen of CRT Capital Group in Stamford, Connecticut, told clients.
The benchmark 10-year Treasury was last off 1-1/2 to yield 2.2905 percent.
Yields on the 30-year stood at 3.0031 percent, reflecting a 1/32 increase in price.
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