Treasuries Regain Ground Amid Concerns About Global Economy

(RTTNews) - After showing a notable move to the downside in the previous session, treasuries regained some ground during trading on Friday.

Bond prices pulled back off their best levels after an early rally but remained firmly positive. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 6.0 basis points to 3.739 percent.

The rebound by treasuries may partly have reflected their appeal as a safe haven amid ongoing concerns about the outlook for the global economy.

Rate hikes in England and other countries along with the Federal Reserve's forecast for additional rate increases have reignited worries tighter monetary policy will tip the global economy into recession.

Trading activity remained somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

The economic calendar picks back up next week with the release of reports on durable goods orders, consumer confidence, new home sales and pending home sales.

The Commerce Department is also due to release its report on personal income and spending in the month of May, which includes a reading on inflation said to be preferred by the Fed.

The consumer price inflation data could significantly impact opinions regarding whether the Fed will follow through on its forecast rate hikes.