WASHINGTON (dpa-AFX) - Following the lackluster performance seen in the previous session, treasuries showed a notable move to the upside during trading on Friday.
Bond prices showed a strong upward move in morning trading and remained firmly positive throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.7 basis points to 4.260 percent.
With the decrease, the ten-year yield gave back ground after inching up to its highest closing level in almost three months on Thursday.
The advance by treasuries offset the weakness seen during Wednesday's session, which came as the minutes of the latest Federal Reserve meeting revealed officials are wary of cutting interest rates 'too quickly.'
The Fed is still widely expected to eventually begin lowering rates even if the first rate cut won't come as soon as investors had previously hoped.
Treasuries may also have benefitted from the appeal as a safe haven amid ongoing geopolitical tensions in the Middle East.
Looking ahead, the Commerce Department's report on personal income and spending is likely to be in focus next week, as it includes readings on inflation said to be preferred by the Federal Reserve.
Traders are also likely to keep an eye on reports on durable goods orders, new home sales, consumer confidence and manufacturing activity.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
