The U.S. 10-year Treasury yield was trading lower on Friday, moving away from a fresh 15-year high notched in the previous session.
The yield on the benchmark 10-year Treasury note slipped by 5 basis points to trade at 4.5444%, extending losses after hitting 4.688% on Thursday — its highest level since Oct. 15, 2007 when it yielded as much as 4.719%.
The yield on the 30-year Treasury bond also dipped 5 basis points to 4.677%. At the shorter end of the curve, yields were slightly lower. Yields and prices move in opposite directions. One basis point equals 0.01%.
It comes as market participants continue to monitor the prospect of inflationary pressures, a potential recession and interest rates staying higher for longer.
On the data front, investors will monitor the release of the personal consumption expenditure price index for August at 8:30 a.m. ET. This is one of the Federal Reserve’s preferred inflation measures and could offer some guidance into the state of the U.S. economy.
Personal income data and consumer spending figures for August will also be released at 8:30 a.m. ET.
Advance economic indicators for August, Chicago purchasing managers’ index for September, and a final reading of consumer sentiment for September are all scheduled for slightly later in the session.
Minneapolis Fed President Neel Kashkari told CNBC’s “Squawk Box” on Wednesday that he was not sure if interest rates have been raised enough to successfully tackle inflation. If possible, the Fed would still like to avoid a hard landing, Kashkari added.
Earlier this month, the Federal Reserve said that it expects to hike rates another quarter point this year and warned that borrowing costs will stay higher for longer.
— CNBC’s Sarah Min & Lisa Kailai Han contributed to this report.
