WASHINGTON (dpa-AFX) - Treasuries showed a notable move to the downside early in the session on Friday but have regained ground over the course of the trading day.
Bond prices have climbed well off their lows of the session, although they remain in negative territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.5 basis points at 5.248 percent after reaching a high of 5.280 percent.
The early weakness among treasuries came following the significant turnaround seen in the previous session, when bond prices recovered from an early slump to close firmly positive.
Concerns about the outlook for inflation may have weighed on treasuries after the University of Michigan released a report showing an uptick in U.S. consumers' inflation expectations.
The University of Michigan said year-ahead inflation expectations ticked up to 4.7 percent in October from 4.6 percent in September.
Surveys of Consumers Director Joanne Hsu noted the current reading substantially exceeds the 3.4 percent seen in February before the Iran conflict began, along with all 2024 readings.
Long-run inflation expectations also crept up to 3.5 percent in October from 3.4 percent in September, notably higher than their 2024 range of 2.8 to 3.2 percent, the report said.
Selling pressure has waned over the course of the session, however, reflecting the volatility seen in the bond markets throughout the week.
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