WASHINGTON (dpa-AFX) - After moving higher over the two previous sessions, treasuries showed a notable move back to the downside during trading on Friday.
Bond prices came under pressure early in the day and remained firmly negative throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 5.3 basis points to 4.194 percent.
The pullback by treasuries came as comments by Chicago Federal Reserve President Austan Goolsbee partly offset some of the recent optimism about the outlook for interest rates.
Explaining his decision to vote against cutting interest rates at last week's Fed meeting in a post on the Chicago Fed website, Goolsbee said he is uneasy about 'too heavily front-loading rate cuts and just assuming that inflation will be transitory.'
'While I voted to lower rates at the September and October meetings, I believe we should have waited to get more data, especially about inflation, before lowering rates further,' Goolsbee said.
However, trading activity appear somewhat subdued following the early slump amid a quiet day on the U.S. economic front.
Economic data may move back into the spotlight next week, with traders likely to keep a close eye on reports on employment, consumer price inflation and retail sales.
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