Treasuries Close Nearly Flat Following Lackluster Session

(RTTNews) - Treasuries fluctuated over the course of the trading session on Friday before ending the day near the unchanged line.

After seeing early weakness, bond prices turned higher as the day progressed but pulled back going into the close. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 1.570 percent.

The lack of direction shown by treasuries on the day came as traders seemed reluctant to make significant moves amid a quiet day on the U.S. economic front.

Traders may also have been looking ahead to the Federal Reserve's two-day monetary policy meeting scheduled for next week.

The Fed is widely expected to leave interest rates unchanged as officials wait to see the fallout from Britain's vote to leave the European Union.

Nonetheless, the central bank's accompanying statement is likely to be in focus, as investors attempt to gauge the outlook for the next rate hike.

While the Fed statement is likely to be in focus next week, traders will also be presented with reports on new home sales, durable goods orders, and second quarter GDP.

Bond traders are also likely to keep an eye on the results of the Treasury Department's auctions of two-year, five-year, and seven-year notes.

The Treasury plans to sell $26 billion worth of two-year notes next Monday, $34 billion worth of five-year notes next Tuesday and $28 billion worth of seven-year notes next Thursday.