U.S. Treasury yields rose on Friday as investors digested new consumer sentiment data that points to greater inflation expectations.
The benchmark 10-year Treasury yield was 4 basis points higher at 4.318%. The 2-year Treasury yield was up 7 basis points at 4.023%.
One basis point is equal to 0.01% and yields move inversely to prices.
A survey from the University of Michigan showed that consumer sentiment dropped in March to 57.9. That’s well below the Dow Jones consensus estimate of 63.2. The report also showed consumers expect inflation of 4.9% over the next year, up from 4.3% last month.
“While current economic conditions were little changed, expectations for the future deteriorated across multiple facets of the economy, including personal finances, labor markets, inflation, business conditions, and stock markets. Many consumers cited the high level of uncertainty around policy and other economic factors; frequent gyrations in…
