After trending higher earlier in the week, treasuries gave back some ground during the trading session on Friday. <\/p>\n
Bond prices climbed off their worst levels after an initial drop but remained firmly in negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.6 basis points at 1.660 percent.<\/p>\n
The pullback by treasuries came as optimism about the economy<\/span> reopening reduced the appeal of safe havens like bonds after President Joe Biden doubled his goal for the administration of coronavirus vaccines in his first 100 days in office.<\/p>\n On Thursday Biden announced a new goal of administering 200 million coronavirus<\/span> vaccinations within his first 100 days after reaching his goal of 100 million shots before his 60th day in office.<\/p>\n “I know it’s ambitious, twice our original goal. But no other country in the world has even come close, not even close to what we are doing. I believe we can do it,” Biden told reporters at his first official press conference as president.<\/p>\n According to the Centers for Disease Control and Prevention, 137 million Covid vaccines have been administered, with nearly 15 percent of the population fully vaccinated.<\/p>\n In U.S. economic news, the Commerce Department released a report showing personal income pulled back sharply in the month of February.<\/p>\n The Commerce Department said personal income plunged by 7.1 percent in February after skyrocketing by an upwardly revised 10.1 percent in January.<\/p>\n Economists had expected personal income to plummet by 7.3 percent compared to the 10.0 percent spike originally reported for the previous month.<\/p>\n The sharp pullback in personal income primarily reflected a decrease in government social benefits following the distribution of $600 stimulus checks in January.<\/p>\n The report also showed personal spending slumped by 1.0 percent in February after soaring by an upwardly revised 3.4 percent in January.<\/p>\n Economists had expected personal spending to decrease by 0.7 percent compared to the 2.4 percent jump originally reported for the previous month.<\/p>\n Meanwhile, a reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth slowed to 1.4 percent in February from 1.5 percent in January.<\/p>\n A separate report from the University of Michigan showed U.S. consumer sentiment improved by even more than previously estimated in the month of March.<\/p>\n The University of Michigan said its consumer sentiment index for March was upwardly revised to 84.9 from the preliminary reading of 83.0. Economists had expected the index to be upwardly revised to 83.6.<\/p>\n The consumer sentiment index is well above the final February reading of 76.8, reaching its highest level since hitting 89.1 in the same month a year ago.<\/p>\n Reports on consumer confidence, private sector employment, and manufacturing activity may attract attention next week, although trading activity is likely to be somewhat subdued ahead of the Easter weekend.<\/p>\n