The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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After ending the previous session modestly higher, treasuries saw further upside over the course of the trading day on Wednesday.
Bond prices advanced in morning trading and remained firmly positive throughout the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 3.1 basis points to 4.140 percent.
Treasuries may have benefitted from their appeal as a safe haven amid growing concerns about rising geopolitical tensions around the world.
President Donald Trump's threats to take control of Greenland have made headlines recently, while traders are also keeping an eye on political unrest in Iran and the ongoing Russia-Ukraine war.
The continued strength among treasuries also came following the release of several closely watched U.S. economic reports.
A report released by the Labor Department on Wednesday showed a modest increase by U.S. producer prices in the month of November.
The Labor Department said its producer price index for final demand rose by 0.2 percent in November after inching up by 0.1 percent in October. The uptick in prices matched economist estimates.
Meanwhile, the report said the annual rate of growth by producer prices accelerated to 3.0 percent in November from 2.8 percent in October. Economists had expected annual producer price growth to come in at 2.7 percent.
The Commerce Department released a separate report showing retail sales in the U.S. increased by more than expected in the month of November.
The report said retail sales climbed by 0.6 percent in November after edging down by a revised 0.1 percent in October.
Economists had expected retail sales to rise by 0.4 percent compared to the unchanged reading originally reported for the previous month.
Excluding sales by motor vehicle and parts dealers, retail sales grew by 0.5 percent in November after inching up by 0.2 percent in October. Ex-auto sales were expected to increase by 0.4 percent.
Existing home sales in the U.S. surged by much more than expected in the month of December, according to a report released by the National Association of Realtors on Wednesday.
NAR said existing home sales spiked by 5.1 percent to an annual rate of 4.35 million in December after climbing by 0.7 percent to an upwardly revised rate of 4.14 million in November.
Economists had expected existing home sales to jump by 2.4 percent to an annual rate of 4.23 million in December from the 4.13 million originally reported for the previous month.
