Treasuries Dip for Week as Powell Weighs on Outlook for Rates

Treasuries closed out their first weekly decline since mid-August after Federal Reserve Chair Jerome Powell dampened hopes for more aggressive interest-rate cuts.

Yields were up two to three basis points across tenors as of Friday afternoon in New York, extending a move that started after the Fed reduced rates by a quarter point on Wednesday. An index of US government bonds had declined 0.2% through Thursday and the benchmark 10-year yield has inched up to 4.14%, the highest level in two weeks.