U.S. Treasury yields were little changed Friday as another inflation reading showed prices on the rise.
The yield on the benchmark 10-year Treasury note was near flat at 2.873% at 10:50 a.m. ET. The yield on the 30-year Treasury bond was marginally higher at 2.932%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Treasurys
A hot inflation report Friday underscored macro environment. The core personal consumption expenditures price index — the Fed’s preferred inflation gauge — rose 5.2% from a year ago.
Rising inflation and the Fed’s plans to aggressively hike interest rates in order to combat these pricing pressures have fueled investor concerns of a slowdown in economic growth.
These concerns have seen investors sell out of bonds recently, pushing yields higher.
The 10-year yield has jumped 23.3% in April.
The Russia-Ukraine war, which has driven inflation higher, has also added to these fears around economic growth. President Joe Biden has asked Congress to approve $33 billion in additional support for the war in Ukraine.
— CNBC.com staff contributed to this market report.
