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Copper Hits One-Week High

The two-year note was falling 0/32, pushing the yield up to 0.826%; the 10-year note was falling 6/32, lifting the yield to 3.507% and the 30-year bond was falling 11/32, lowering the yield to 4.528%.

Rumors are that the Federal Reserve is carrying out a reverse repurchase agreement by which it lends government securities and temporarily drains funds in the U.S. banking system. In these transactions, the securities are returned to the Fed upon maturity.

On Wednesday, Atlanta Federal Reserve President Dennis Lockhart said the U.S. economy remains vulnerable and isn't ready for interest rate hikes. Lockhart added that the Fed won't curtail its $600 billion bond-buying program, scheduled for completion by the end of June. Still, he said he wasn't completely ruling out a rate hike.

Fed Chairman Ben Bernanke says more commodity price increases could spur U.S. inflation and that the Fed would have to respond if such a scenario were to occur.

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