24.11.201714:22:00UTC+00Treasuries Give Back Ground Following Holiday

After ending the previous session notably higher, treasuries gave back some ground during the trading day on Friday.

Bond prices moved to the downside in morning trading and remained stuck in the red. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 1.8 basis points to 2.340 percent.

The pullback by treasuries was partly due to profit taking following the strength seen during the trading session on Wednesday.

Trading activity remained subdued, however, as many traders remained away from their desks following the Thanksgiving Day holiday on Thursday.

Looking ahead, congressional testimony may attract attention next week, as the Senate Banking Committee is due to hold a confirmation hearing for Federal Reserve Chair nominee Jerome Powell.

Current Fed Chair Janet Yellen is also scheduled to testify on the economic outlook before the Congressional Joint Economic Committee.

Reports on new home sales, consumer confidence, personal income and spending, and manufacturing activity may also attract attention next week.

Bond traders are also likely to keep an eye on the results of the Treasury Department's auction of two-year, five-year, and seven-year notes.

The Treasury said it plans to sell $26 billion worth of two-year notes and $34 billion worth of five-year notes next Monday and $28 billion worth of seven-year notes next Tuesday.