The 10-year U.S. Treasury yield inched higher Friday after surging this week amid hotter-than-expected inflation data.
The yield on the benchmark 10-year Treasury note rose by a basis point to 1.572% at 7:30 a.m. ET. The yield on the 30-year Treasury bond was little changed at 1.917%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The bond market was closed on Thursday for Veterans Day.
The 10-year yield ended last week at 1.45%, but shot higher on the reports showing rapid inflation this week. The yield touched as high as 1.58% earlier in Friday’s session.
The consumer price index showed prices had jumped 6.2% from a year ago in October, which marked the biggest inflation surge in more than 30 years.
Despite this week’s reversal, the yield is still only back to levels seen in early November and late October.
On Friday, September’s job openings and labor turnover survey is due out at 10 a.m. ET.
The University of Michigan’s preliminary November consumer sentiment reading is also expected to be released at 10 a.m. ET.
