WASHINGTON (dpa-AFX) - After moving sharply higher over the past few sessions, treasuries have shown a lack of direction over the course of the trading day on Friday.
Bond prices have spent the day bouncing back and forth across the unchanged line. The yield on the benchmark ten-year note, which moves opposite of its price, is down less than a basis basis point at 5.085 percent.
The choppy trading on the day came as traders expressed some uncertainty about the near-term outlook for the bond markets following recent volatility.
Treasury yields surged in late September and early October, reaching multi-decade highs, but have pulled back sharply since then.
The recent rally by treasuries and subsequent slump by yields came despite hotter-than-expected reports on both consumer and producer price inflation.
Following the data, the Federal Reserve is still widely expected to leave interest rates unchanged later this month but is seen as likely to raise rates by a quarter point at its December meeting.
The strength among treasuries was also attributed to a rotation out of technology stocks and into the relative safety of the bond market.
On the U.S. economic front, a report released by the Federal Reserve showed industrial production in the U.S. increased by more than expected in the month of September.
The Fed said industrial production climbed by 0.7 percent in September following a revised 0.1 percent uptick in August.
Economists had expected industrial production to rise by 0.4 percent compared to the unchanged reading originally reported for the previous month.
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