U.S. government debt prices climbed higher Friday after falling on the backs of stronger weekly data Thursday.
The yield on the benchmark 10-year Treasury note was lower at about 0.7012% in early trading, while the yield on the 30-year Treasury bond dropped to about 1.4135%. Bond yields fall as their prices rise.
The move follows data on jobs which showed that the number of people claiming unemployment benefits last week was 963,000. It is the first time the figure falls below March 1 since the coronavirus pandemic in the US took over
Treasury revenues move higher on the news.
Meanwhile, a Treasury bond sale met Thursday with weak demand, Reuters reported, which also pushed yields higher. The 10-year note hit its highest level since June 24, while the 30-year-old reached its highest level since July 7.
On Friday, investors will monitor any developments in the coronavirus crisis. White House coronavirus adviser Dr Anthony Fauci said on Thursday that he was “not happy” with the way the US pandemic is progressing, referring to a “disruptive” uptick in the number of positive Covid-19 tests in some areas of ‘ e FS
Separately, Democrats and Republicans said they were not closer to a deal on the next round of coronavirus relief, indicating that the impasse could drag on for a while.
To date, more than 20,900,000 people worldwide have contracted the coronavirus, according to data compiled by Johns Hopkins University, and more than 755,000 deaths have been reported.
Figures from retail sales are due Friday, along with data on industrial production and manufacturing output. No major Treasury auctions are expected.
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