2023.12.2919:18:00UTC+00Treasuries Edge Lower On Final Trading Day Of The Year

Treasuries showed a modest move to the downside during trading on Friday, extending the notable pullback seen in the previous session.

Bond prices regained ground after seeing initial weakness but slid back into the red going into the close of trading. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1.6 basis points to 3.866 percent.

The ten-year yield added to the 6.1 basis point jump seen on Thursday, climbing further off the five-month closing low set on Wednesday.

The modest weakness among treasuries came as traders continued to cash in on recent strength in the markets, although selling pressure remained relatively subdued.

While treasuries moved notably higher over the past several months, the ten-year yield was little changed for the year.

In U.S. economic news, MNI Indicators released a report showing a substantial downturn by Chicago-area business activity in the month of December.

MNI Indicators said its Chicago business barometer tumbled to 46.9 in December from 55.8 in November, with a reading below 50 indicating contraction. Economists had expected the index to drop to 51.0.