Treasurys Extend Losing Streak
S&P MARKETSCOPE: Treasuries extended the week's losses Friday, helped along by firm May preliminary Michigan consumer sentiment. The 10-year note sank 13/32 to 97-20/32 for a yield of 4.80%. The 10-year yield surged to 4.80% this week from 4.67% last Friday.
The 30-year bond tumbled 22/32 to 96-24/32 for a yield of 4.96%.
The sharp downturn this week marks a breakdown from a trading range that had been in place since the second half of April, reflecting growing sentiment that the economy is holding up better than had previously been expected. China's decision to raise its base interest rate may also have contributed to bond price weakness on Friday.
Strength in equities contributed to a bearish backdrop for bonds Friday. Elsewhere, crude oil futures edged up and gold futures also rose. The dollar index ended the day little changed.
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