U.S. Treasury yields fell on Friday as confirmed cases of the coronavirus in the U.S. reached a record high on Thursday.
The yield on the benchmark 10-year Treasury note sunk to 0.882% at 5:02 a.m. ET, while the yield on the 30-year Treasury bond fell to 1.635%. Yields move inversely to prices.
Treasury yields tumbled as the daily count for coronavirus cases in the U.S. topped 150,000 on Thursday, at 153,496, data compiled by Johns Hopkins University showed.
Jerome Powell, chairman of the U.S. Federal Reserve, said in a speech Thursday that he was worried about the long-term economic consequences of the coronavirus pandemic, warning that the “next few months could be challenging” as the virus continued to spread.
New York Fed President John Williams is due to speak again on Friday, at 9 a.m. ET, followed by a speech from St. Louis Fed President James Bullard at 10:30 a.m. ET.
Producer price index data for October is due out at 10:30 a.m. ET. Consumer sentiment and inflation data for Michigan is expected at 12 p.m. ET.
There are no auctions due Friday.