Treasuries Move Modestly Higher After Early Volatility

(RTTNews) - Treasuries saw considerable volatility early in the session, treasuries moved modestly higher over the course of the trading day on Friday.

After bouncing back and forth across the unchanged line in morning trading, bond prices spent the afternoon hovering above the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.3 basis points to 4.310 percent.

The modest strength among treasuries came in reaction to a pullback by the price of crude oil, which has given back ground after skyrocketing over the past few sessions.

U.S. crude oil futures are slumping by more than 1 percent after a report from Reuters said Iranian Foreign Minister Abbas Araghchi will arrive in Pakistan tonight for peace talks with the U.S.

Araghchi himself mentioned through X that his trip is focused on bilateral matters and regional developments though he did not give much detail.

According to CNN, U.S. Special Envoy Steve Witkoff and Trump's son-in-law Jared Kushner will likely represent the U.S. though Vice President JD Vance will step in if needed.

President Donald Trump's announcement of a three-week extension of the ceasefire between Israel and Lebanon has also weighed on crude oil prices.

On the U.S. economic front, revised data released by the University of Michigan showed consumer sentiment in the U.S. deteriorated by less than previously estimated in April but still hit a record low.

The University of Michigan said its consumer sentiment index for April was upwardly revised to 49.8 from the preliminary reading of 47.6. Economists had expected the index to be unrevised.

Despite the upward revision, the consumer sentiment index is still down from 53.3 in March and at its lowest reading on records going back to 1952.