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Treasuries End with Losses

Treasuries opened higher Friday, made new highs -- and then reversed course to trade lower. Prices ground higher from the open on high expectations that the break below 3.93% in the yield on the 10-year note would trigger more buying. In addition, shorter-dated issues were bid on heightened anticipation of an ECB rate cut to stall dollar weakness.

Economic data released Friday showed strength. Industrial production and capacity utilization were on track, while Michigan consumer data jumped sharply. But prices hit a wall of resistance, and investors had already booked profits at the highs. Pushing prices lower were comments from ECB sources suggesting a rate cut would be the last resort to stem further dollar losses.

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