WASHINGTON (dpa-AFX) - After showing a strong upward move over the two previous sessions, treasuries showed a notable move back to the downside during trading on Friday.
Bond prices moved steadily lower throughout much of the session before regaining some ground going into the close. Subsequently, the yield on the benchmark ten-year, which moves opposite of its price, jumped 6.7 basis points to 4.424 percent.
With the rebound on the day, the ten-year yield climbed off its lowest closing level in a month.
The pullback by treasuries came following news Israel launched a series of airstrikes against Iran earlier this morning.
The Israeli airstrikes targeting nuclear facilities and ballistic missile factories killed at least three of Iran's senior military leaders.
Iran retaliated by launching more than 100 drones toward Israeli territory, which the Israel Defense Forces said they are working to intercept.
While other safe haven assets such as gold and the U.S. dollar moved higher on the news, treasuries gave back ground as a subsequent spike by the price of crude oil led to renewed inflation worries.
Treasuries also gave back ground as a report from the University of Michigan showed a substantial improvement by consumer sentiment in the month of June.
The University of Michigan said its consumer sentiment index surged to 60.5 in June after holding at 52.2 in May. Economists had expected the index to rise to 53.5.
Developments in the Middle East may impact trading next week, while traders are also likely to keep a close eye on the Federal Reserve's monetary policy announcement. Several key U.S. economic reports may also attract attention.
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