Bond Strategists: Afternoon Trading and Deal Underwriters

bond strategists: Bond prices and yields move in the opposite direction, according to Market Watch. But they tipped lower in afternoon trading likely because the deal underwriters—a group that includes J.P. Morgan Chase JPM, -0.13% HSBC HSBC, +0.58% and Citigroup Inc. Yields, which move in the opposite direction of prices, climbed early in the day as the underwriters of the $17.5 billion deal sold Treasurys to lock in the spread between the U.S. government bonds and the Saudi sovereign-bond offering, said Tom di Galoma, managing director for Treasury Trading, at Seaport Global. C, +0.20% —bought back those bonds and delivered them to their clients, bond strategists said. They soon ticked higher in afternoon trading after the Fed Beige Book, a collection of anecdotes about the U.S. economy, suggested it expanded at a steady, but unspectacular, rate in September. In essence, they're guaranteeing a rate to the issuer where they price, said Larry Milstein, managing director of government and agency trading at R.W. Pressprich & Co. (news.financializer.com). As reported in the news.