U.S. Treasury Yields End Week Lower
1553 ET – Treasury debt rallies this week, sending bond yields lower, as cool inflation reports from the Labor Department and another week of elevated jobless claims spurs hopes of a Fed rate cut sooner rather than later—albeit not at the June meeting next week. The Treasury Department also notched solid auction results as it sells new bonds, a reassuring sign that despite volatility this spring, demand for federal debt is holding up. On Friday, yields ticked higher despite a risk-off swing in other markets following Israel's attack on Iran. The 10-year yield ends the week at 4.423%, up from 4.357% Thursday, and the 2-year yield finishes at 3.957%, compared with 3.904% Thursday. (matt.grossman@wsj.com, @mattgrossman)0
924 ET – U.S. Treasury yields are starting Friday modestly higher, in relatively calm trading considering Israel's attack on Iran. Andy Brenner of NatAlliance Securities observes that Israel's attacks seem to have spared Iran's oil infrastructure, a decision that could limit the conflict's implications for the global economy, at least initially. 'While this may go on for a while and we do expect Iran to retaliate, we think the markets will take this in stride,' he writes. Also driving markets as the week winds down: Increasing attention to the possibility of a Fed rate cut amid some weaker data this week—although the market still deems a rate cut next week highly unlikely. The 10-year yield trades near 4.387%, versus 4.357% Thursday, and the two-year yield is near 3.941%, up from 3.904% a day ago. (matt.grossman@wsj.com; @mattgrossman)
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