NEW YORK (CNNMoney.com) -- Treasury prices gave up gains and turned lower Thursday after the Treasury announced a fresh supply of U.S. debt to be auctioned next week.
What prices are doing: The benchmark 10-year note fell 9/32 to 98-25/32, pushing the yield up to 3.78% from from 3.75% late Wednesday. Bond prices and yields move in opposite directions.
The 30-year bond slipped 11/32 to 99-25/32, and its yield rose to 4.64%.The 2-year note shed 2/32 to 99-30/32 with a 1.04% yield. The 5-year note was down 7/32 to 99-27/32 with a yield of 2.54%.
What's moving the market: Early in the session, a safety bid for U.S. Treasurys gained traction after a report from the European Union suggested that Greece's 2009 deficit was bigger than the government reported. The credit rating agency Moody's downgraded Greece's debt to a lower investment grade, and initiated a further review.
But the rally for U.S. debt lost steam following an announcement about upcoming supply. The Treasury said it will auction $129 billion in securities next week.
What analysts are saying: "There are different forces at work here," said David Coard, head of fixed income trading at the William Capital Group.
He said that earlier in the day, the continued worry about Greek debt was dominant and prompted safe haven buying of Treasurys.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.40%||3.37%|
|15 yr fixed||2.67%||2.66%|
|30 yr refi||3.41%||3.40%|
|15 yr refi||2.69%||2.68%|
Today's featured rates:
The pilots, who held pickets at eight major airports in June, are at the Atlanta headquarters of the world's No. 2 airline. The pilots are not on strike, and the demonstrations are meant to call attention to their demands. More
Investment bank UBS says Wall Street, energy and retail could be big winners if Donald Trump is the next president. But overall stocks and bonds would likely do better under Hillary Clinton. More
Chinese consumers have a lot of options that aren't the Apple iPhone or Samsung Galaxy. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Tesla started building its massive Gigafactory in June 2014. Since then, home prices in the nearby market have risen faster than the national average. More