Treasuries Creep Higher at Midday

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Treasuries were slightly stronger around midday after a better-than-expected manufacturing report from the National Association of Purchasing Management indicated that inflation doesn't seem to be threatening.

The two-year note was flat at 100 10/32, yielding 2.83%. The five-year was up 2/32 at 97 18/32, yielding 4.04%, and the 10-year Treasury was higher by 1/32 to 101 30/32, yielding 4.75%. The 30-year bond, which is being discontinued, was gaining 4/32 to 101 14/32, with a yield of 5.28%.

The NAPM's manufacturing index climbed to 44.5 in November from 39.8 in October. Conditions improved, but a reading below 50 still signals contraction.