MW: Treasurys pare loss after jobless claims, durable goods data
Treasurys pared their declines after a pair of economic reports showed initial claims for unemployment benefits rose, pushing continuing claims to a record, and durables goods orders dropped. Ten-year note yields rose 5 basis points to 2.98%. Bonds were already under pressure, sending yields higher for a fourth day, as the government is also selling $22 billion in 7-year notes for the first time since 1993, the last of three record-sized note sales this week. Growing debt issuance is in sharp focus as President Obama releases his budget and plans to reduce the deficit. Economists expect a report at 10 a.m. Eastern time to show the pace of new home sales declined to 320,000 in January.
