After ending the previous session nearly flat, treasuries moved sharply lower over the course of the trading day on Friday. Bond prices came under pressure in early trading and remained firmly in negative territory throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 8.3 basis points to 2.614 percent. With the substantial increase on the day, the ten-year yield extended its recent upward trend, reaching its highest closing level in two months. Concerns about the outlook for interest rate contributed to the weakness among treasuries following the release of upbeat U.S. retail sales data. The Commerce Department released a report showing that retail sales rose by 0.6 percent in the month of August, in line with economist estimates. The report also showed a notable upward revision to the data for July, with sales rising by 0.3 percent after originally being reported as virtually unchanged. Paul Dales, Senior U.S. Econom
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