2017.03.2323:16:00UTC+00Treasury Yields Rally Following Four-Day Decline

U.S. government bond yields edged up for the first time in a week ahead of a planned House vote on the Obamacare bill which sparked a late-day rally in the Treasury markets.

Earlier in the session, the yield on the benchmark 10-year Treasury note hit an intraday high of 2.437 percent due to optimism that the bill would get a green light. However, yields trimmed their gains as new reports caused fresh doubts to emerge.

Yields shifted direction in late trading after reports that the Congress was not able to reach an agreement with the White House after convening with President Donald Trump earlier in the session. This caused the House Freedom Caucus to declare that it was not yet ready to back Trump's plan to repeal and change the Affordable care Act and the postponement of the vote.

At the close of the erratic trading session, 10-year Treasury yield ended 2 bps up at 2.418 percent. The yield on the 30-year Treasurys also advanced for the first time in a week, ending up 1.4 bps at 3.027 percent.