Treasury prices fell Friday, trimming this week’s climb in yields, as hopes for progress in U.S.-China trade talks sapped appetite for U.S. government paper, with investors turning to risky assets like stocks.
The 10-year Treasury note yield
TMUBMUSD10Y, +1.40%
advanced 3.7 basis points to 2.423%, while the two-year note yield
TMUBMUSD02Y, +1.62%
picked up 4 basis points to 2.274%. The 30-year bond yield
TMUBMUSD30Y, +0.51%
rose 3 basis points to 2.840%. Bond prices move inversely to yields.
Equities in Europe and Asia climbed and government paper sold off as U.S. and Chinese officials conclude this week’s round of trade talks in Beijing. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin held a working dinner on Thursday with Chinese Vice Premier Liu He, who will make a reciprocal visit to Washington next week.
See: Mnuchin, Lighthizer kick off new round of trade negotiations in Beijing
China’s Shanghai
SHCOMP, +3.20%
index finished higher by more than 3% on Friday. Futures for the S&P 500
ESM9, +0.43%
and the Dow
YMM9, +0.44%
point to a higher open for U.S. stocks.
In economic data, February’s personal income reading will come out at 8:30 a.m. Eastern time, followed by March’s Chicago purchasing manager index at 9:45 a.m. Then, analysts will handle February’s new home sales and March’s consumer sentiment numbers at 10 a.m.
Investors will also scrutinize speeches from senior Federal Reserve officials to cap a busy week for the central bank. Dallas Fed President Robert Kaplan will speak on 10:30 a.m., and Randal Quarles, the Fed’s vice chairman for supervision, will talk at 12:05 p.m.
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Source : MTV
