WASHINGTON (dpa-AFX) - After turning positive over the course of the previous session, treasuries moved back to the downside during trading on Friday.
Bond prices moved notably lower early in the session and remained negative throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.4 basis points to 4.308 percent.
The pullback by treasuries came amid a substantial rebound on Wall Street, with stocks regaining ground following the sell-off seen in the previous session.
Treasuries had turned higher on Thursday as stocks plunged to six-month lows amid ongoing concerns about the impact of President Donald Trump's trade policies.
A report from the University of Michigan showed a surge by consumer inflation expectations may also have weighed on treasuries following the release of tamer-than-expected inflation data earlier in the week.
The University of Michigan said year-ahead inflation expectations jumped to 4.9 percent in March from 4.3 percent in February, reaching the highest reading since November 2022.
Long-run inflation expectations also surged to 3.9 percent in March from 3.5 percent in February, reflecting the largest month-over-month increase seen since 1993.
At the same time, the University of Michigan said its consumer sentiment index plunged to 57.9 in March after tumbling to 64.7 in February. Economists had expected the index to dip to 63.1.
The consumer sentiment index decreased for the third consecutive month, slumping to its lowest level since hitting 56.7 in November 2022.
Looking ahead, the Federal Reserve's monetary policy meeting is likely to be in the spotlight next week, although traders are also likely to keep an eye on the latest tariff developments as well as reports on retail sales and industrial production.
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