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Treasury yields turn flat after GDP, weak PMI data
U.S. sovereign bond were slightly higher on Friday after the release of weaker-than-expected Chicago PMI data.
The Institute for Supply Management-Chicago Business Barometer fell far more than expected in February, plummeting to 45.8 from January's read of 59.4. It was the worst read for the index since July 2009, and it was well below analyst expectations for a reading of 58.
Yields on benchmark 10-year Treasury notes stood at 2.012 percent on Friday morning, down from Thursday's close of 2.014 percent. Yields move inversely to prices. Yields rose slightly earlier after the Commerce Department said fourth-quarter gross domestic product expanded at a 2.2 percent annual pace, revised down from the 2.6 percent pace estimated last month. The economy grew at a 5 percent rate in the third quarter. Analysts polled by Reuters expect GDP growth of 2.1 percent, after a final reading of 5.0 percent in the third quarter. Yields had gained momentum on Thursday after lackluster data showed that U.S. consumer prices had fallen in January, boosting the case for a delay in the U.S. Federal Reserve's timing for raising interest rates. Reuters contributed to this report.
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