2018.01.1615:21:00UTC+00Treasuries Close Slightly Higher Following Choppy Trading Session

Treasuries showed a lack of direction over the course of the trading session on Tuesday before ending the session slightly higher.

Bond prices bounced back and forth across the unchanged line but move to the upside going into the close. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by nearly a basis point to 2.544 percent.

The choppy trading on the day came as traders seemed reluctant to make significant moves following recent volatility.

On the U.S. economic front, growth in activity in the New York manufacturing sector slowed in the month of January, according to a report released by the Federal Reserve Bank of New York.

The New York Fed said its general business conditions index dropped to 17.7 in January from an upwardly revised 19.6 in December. A positive reading still indicates growth in regional manufacturing activity.

Trading on Wednesday may be impacted to reaction to reports on industrial production in December and homebuilder confidence in January.

The Federal Reserve is also scheduled to releases its Beige Book, which may shed additional light on the outlook for interest rates.