WASHINGTON (dpa-AFX) - Treasuries moved sharply lower during trading on Friday, adding to the weakness seen over the course of the previous session.
Bond prices moved to the downside in early trading and saw further downside as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 7.1 basis points to 4.231 percent.
With the sharp increase on the day, the ten-year yield surged to its highest closing level in over four months.
The steep drop by treasuries may have reflected easing concerns about the economy after the Federal Reserve released a report showing U.S. industrial production increased by much more than expected in the month of December.
The Fed said industrial production climbed by 0.4 percent in December, matching an upwardly revised increase in November.
Economists had expected industrial production to inch up by 0.1 percent compared to the 0.2 percent uptick originally reported for the previous month.
Fading worries about U.S. military strikes against may also have reduced bonds' safe-haven appeal, as President Donald Trump has pulled back on his rhetoric about an attack,
However, Trump continues to threaten to take control of Greenland, with the president suggesting he may impose tariffs on countries that don't go along with his plans for the territory.
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