Treasuries came under pressure during trading on Friday, extending the notable downward move seen over the two previous sessions.
Bond prices moved lower early in the session and saw further downside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.7 basis points to 2.951 percent.
The ten-year yield closed higher for the third consecutive session, reaching its highest closing level in over four years.
The continued weakness among treasuries was attributed to recent downward momentum amid concerns about higher interest rates.
The downward move may have been exaggerated somewhat by below average volume, as some traders remained on the sidelines amid a lack of major U.S. economic data.
Next week, traders are likely to keep a close eye on reports on new and existing home sales, consumer confidence, durable goods orders and first quarter GDP.
Bond trading could also be impacted by reaction to the results of the Treasury Department's auctions of two-year, five-year, and seven-year notes.
The Treasury plans to sell $32 billion worth of two-year notes next Tuesday, $35 billion worth of five-year notes next Wednesday and $29 billion worth of seven-year notes next Thursday.
by P2PNews Staff Writer