BOND REPORT: Treasurys Follow Selloff In European Bonds After Strong Data
By Sunny Oh
10-year Treasury yield edges back toward 2.40%
Treasury prices fell, pulling yields higher, on Friday, taking a cue from a selloff in European government paper after data showed the eurozone's economic recovery continues apace.
What are Treasury yields doing?
The 10-year Treasury note yield traded at 2.376%, up from 2.333% late Thursday. The 2-year note yield rose to 1.650% versus 1.633%. Meanwhile, the 30-year bond yield rose to 2.861%, from 2.808%.
What's driving the market?
Strong economic data out of the eurozone underlined the currency bloc's continued recovery. That could mean the European Central Bank would be more aggressive in winding down its monetary stimulus program, which is due to be scaled back beginning in 2018.
Investors are also watching the progress of legislation to overhaul the U.S. tax code amid differences between the bills proposed by the House Republicans (http://www.marketwatch.com/story/cbo-says-tax-bill-would-increase-deficit-by-17-trillion-2017-11-08)and their Senate counterparts (http://www.marketwatch.com/story/senate-bill-delays-corporate-tax-cut-doesnt-repeal-estate-tax-2017-11-09).