WASHINGTON (dpa-AFX) - Treasuries came under pressure over the course of the trading day on Friday, extending the modest pullback seen during the previous session.
Bond prices moved modestly lower in early trading saw further downside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.3 basis points to 4.420 percent.
Profit taking may have contributed to the extended pullback by treasuries, as the ten-year yield bounced off its lowest levels in over a month.
Comments from Federal Reserve officials suggesting interest rates are likely to remain higher for longer may also have weighed on treasuries following recently renewed optimism about the outlook for rates.
Nonetheless, CME Group's FedWatch Tool is still indicating an 83.6 percent chance interest rates will be a quarter point lower by September.
Following the slew of U.S. data released over the past two days, the economic calendar is relatively quiet today, although the Conference Board released a report showing a continued decrease by its reading on leading U.S. economic indicators in the month of April.
The Conference Board said its leading economic index fell by 0.6 percent in April after dipping by 0.3 percent in March. Economists had expected the index to decrease by another 0.3 percent.
The U.S. economic calendar for next week is relatively quiet, although reports on durable goods orders and new and existing home sales may attraction some attention along with remarks by several Fed officials.
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