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The 10-year U.S. Treasury yield fell marginally Friday as investors readied for a shorter trading day ahead of the holidays.
The yield on the benchmark 10-year Treasury note was seen opening less than a basis point lower at 3.8894% after inching up slightly on Thursday.
The yield on the 30-year Treasury bond was less than one basis point higher at 4.0351%, while the 2-year yield was fell less than one basis point to 4.3485%. Yields move inversely to prices.
Friday’s shorter trading data will see fewer new data releases, with readings on new home sales and the core consumer price expenditure price index both due.
A rally in government debt has driven yields past many targets this year, as falling inflation has increased the likelihood of future rate cuts from the Federal Reserve. Investors will now be looking ahead to assess whether that rally can continue into 2024.
10-year U.S. Treasury yields have declined by almost a percentage point since the end of October on rising expectations that the Fed will begin cutting rates as soon as March.
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