Domestic trading opened with Treasury bonds erasing the previous day's losses as yields drifted toward a technical floor of 4.94%, even as crude oil prices climbed more than $3 between 8:30 a.m. and 1 p.m.
Throughout the session, mortgage‑backed securities rose steadily—up nearly half a point by 12:21 p.m. and again by 1:56 p.m.—while the 10‑year yield fell 7.7 bps to 4.942% and later 7.2 bps to 4.946%, reaching a low of 4.934% by 3:20 p.m.
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Economic releases showed mixed outcomes: August building permits came in at 1.394 million (below the 1.41 million forecast), September continued claims fell to 1.73 million (under the 1.78 million estimate), and August housing starts slipped to 1.275 million (short of the 1.31 million outlook). Meanwhile, September jobless claims were 196 K, well under the 208 K forecast, and the Philly Fed Business Index rose to 37.8, beating the 30.5 expectation.
