Treasuries Flat as Traders Await Jobless Claims Data; 10-Year Yield Holds at 5.125%

U.S. Treasuries ended Wednesday little changed after a choppy session, with the benchmark 10-year yield up less than a basis point at 5.125% as traders held back ahead of fresh labor market data. The yield on the 10-year note moves opposite its price. Activity was muted on a quiet U.S. economic calendar, with investors looking to the Labor Department's weekly jobless claims report on Thursday. Economists expect claims to edge up to 200,000 for the week ended October 17th from 199,000 the prior week, a level that has signaled steady labor market conditions in recent weeks. Traders also shrugged off results of the $13 billion auction of 20-year bonds, which drew above-average demand. The sale produced a high yield of 5.469% and a bid-to-cover ratio of 2.73, compared with an average of 2.64 across the prior ten 20-year auctions. The ratio measures demand by indicating bids received for each dollar of securities sold.