The yield on the 10-year Treasury eased slightly Friday after hitting a three-month high this week.
The benchmark 10-year Treasury yield was one basis lower at 4.19% after breaching 4.25% on Wednesday. The 2-year Treasury was fractionally lower at 4.063%.
Yields move inversely to prices. One basis point equals 0.01%.
Treasurys
Traders have been monitoring a slew of commentary from Federal Reserve policymakers this week reflecting on September’s jumbo 50-basis-point interest rate cut and the potential path ahead.
Their tone has broadly been more cautious, with Beth Hammack of the Cleveland Fed on Thursday cautioning “We are not saying mission accomplished when it comes to inflation.”
Others have stated the need to be “cautious and deliberate” and “patient” with further cuts.
Market pricing puts a 97% probability on the Fed cutting rates by 25 basis points in November, according to CME’s FedWatch tool.
Friday will see the release of data on durable goods orders.