Treasuries Move Sharply Lower, Extending Yesterday's Pullback

(RTTNews) - Extending the pullback seen in the previous session, treasuries showed a significant move to the downside during trading on Friday.

Bond prices moved notably lower in morning trading and remained firmly negative throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 8.7 basis points to 3.484 percent.

The ten-year yield added to the 2.2 basis points uptick seen on Thursday, climbing further off Wednesday's four-month closing low.

Optimism about China reopening reduced the safe-haven appeal of bonds, with a top Chinese official saying the worst was over in the battle against Covid-19.