2022.05.2019:15:00UTC+00Treasuries Climb Firmly Into Positive Territory After Early Volatility

After showing a lack of direction early in the session, treasuries climbed firmly into positive territory over the course of the trading day on Friday.

Bond prices moved to the upside in mid-day trading and remained positive going into the close. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.8 basis points to 2.787 percent.

The ten-year yield closed lower for the third straight day, ending the session at its lowest closing level in almost a month.

Treasuries continued to benefit from their appeal as a safe haven, as stocks once again came under pressure after failing to sustain an early upward move.

The major averages tumbled to their lowest intraday levels in over a year, with the S&P 500 poised to end the session down more than 20 percent from January's closing high, which is seen as bear market territory.

Concerns about the global economic outlook and the possibility aggressive interest rate hikes by the Federal Reserve could trigger a recession continued to weigh on stocks.

Looking ahead, next week's trading may be impacted by reaction to reports on new home sales, durable goods orders, and personal income and spending as well as the minutes of the latest Federal Reserve meeting.