2017.07.2015:19:00UTC+00Treasuries Close Nearly Flat For Second Straight Day

After an early move to the upside, treasuries pulled back in afternoon trading on Thursday to close roughly flat for the second straight day.

Bond prices came under pressure in afternoon trading following a notable move to the upside in the morning. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 2.266 percent.

The roughly flat close by treasuries came following the European Central Bank's monetary policy decision, with the bank leaving its key interest rates unchanged.

The ECB also reiterated its plan to purchase 60 billion euros worth of government bonds and other assets a month through December, or beyond, if necessary.

Additionally, the ECB noted it stands ready to increase the program in terms of size or duration if the outlook becomes less favorable.

ECB President Mario Draghi indicated in his subsequent press conference that the asset purchase program would continue until there is a sustained adjustment in the path of inflation consistent with the bank's target.

On the U.S. economic front, a report released by the Labor Department showed a much bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended July 15th.

The report said initial jobless claims fell to 233,000, a decrease of 15,000 from the previous week's revised level of 248,000. Economists had expected jobless claims to edge down to 245,000.

The Federal Reserve Bank of Philadelphia also released a report showing that regional manufacturing activity grew at a notably slower rate in the month of July.

The Philly Fed said its index for current manufacturing activity in the region slumped to 19.5 in July from 27.6 in June.

While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 24.0.

Meanwhile, the Conference Board said its index of leading economic indicators rose by more than expected in the month of June.

The Conference Board said its leading economic index climbed by 0.6 percent in June after rising by a revised 0.2 percent in May. Economists had expected the index to rise by 0.4 percent

Trading activity may be somewhat subdued on Friday amid a lack of major U.S. economic reports due to be released on the day.