Treasury yields dropped Friday, continuing a trend of falling rates this week in the face of rising recession fears.
The yield on the benchmark 10-year Treasury note fell 7 basis points to 2.788%. The yield on the 30-year Treasury bond moved 7 basis points lower to 2.991%. Yields move inversely to prices and 1 basis point is equal to 0.01%. The 10-year yield started the week at about 2.90%.
Stock markets have had a turbulent week, with the S&P 500 briefly falling into bear territory on Friday. The Dow Jones Industrial Average posted its eighth-straight negative week as investors feared an imminent recession. That's led investors to seek a safe haven in Treasurys, pushing bond prices higher and yields lower.
Inflation has already weighed on investor sentiment for some time, but earnings from retailers this week has sparked concerns that pricing pressures are starting to now take a toll on consumer spending and economic growth.
However, global markets climbed in early trading on Friday, in an attempt to recover some of the ground lost this week.
There were no major economic data releases or auctions scheduled for Friday.