U.S. Treasury rates dropped down Friday after a turbulent week, which saw central banks across the globe indicate a more aggressive attempt to contain surging inflation, came to a conclusion.
At roughly 5:27 a.m. ET, the yield on the benchmark 10-year Treasury note was 9 basis points lower at 3.214 percent, while the yield on the 30-year Treasury bond also fell 9 basis points to 3.271 percent  Yields fluctuate inversely to prices. The 2-year yield, which is normally more sensitive to monetary policy moves, remained steady at 3.164 percent .
The S&P 500 is on line for steep weekly losses as investors abandon risk assets amid worries that a starker tightening of monetary policy may push the U.S. economy into recession. Some investors sold equities and hurried into bonds on Thursday, pushing up Treasury prices and cutting yields.
The Federal Reserve on Wednesday boosted its benchmark funds rate by 75 basis points, the highest move since 1994, with annual U.S. inflation running at a 40-year high of 8.6 percent in May.
Members of the Federal Open Market Committee underscored the Fed’s dedication to stabilizing inflation and hinted that a tougher path of rate rises lies ahead. Officials also trimmed their 2022 economic growth projection to only 1.7 percent from 2.8 percent.
The Swiss National Bank then stunned markets with its first-rate raise for 15 years on Thursday, while the Bank of England enacted its sixth straight boost.
Friday is a relatively quiet day for economic statistics, with industrial output data for May coming out before the opening bell.
Read More: Asianatimes.com
