10-year Treasury yield rises forward of Fed assembly subsequent week

The 10 year U.S. Treasury yield rose on Friday morning as investors readied for the Federal Reserve meeting next week.

The yield on the benchmark 10-year Treasury note advanced by 4 basis points to 1.37% at around 3:00 p.m. ET. The yield on the 30-year Treasury bond rose 3 basis points to 1.912%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

The Federal Reserve meets for two days next week and on Wednesday is expected to give further details as to when it may start to slow its $120 billion in monthly bond purchases that have supported the recovery from the pandemic.

Fed Chief Jerome Powell has said the so-called tapering could occur this year, but investors are waiting for more specifics.

Data released Thursday showed retail sales in August rose 0.7%, versus an estimated 0.8% fall. However, jobless claims for the week ended Sept. 11 came in at 332,000, above a Dow Jones forecast of 320,000.

There are no auctions scheduled to be held on Friday.

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