The 10-year Treasury yield rose as investors considered what is next for the U.S. economy.
The yield on the benchmark 10-year Treasury note was up about 4 basis points at 3.49%, after climbing back above the 3.5% level earlier in the day. The 2-year Treasury yield last fell about 5 basis points at 4.193%.
Yields and prices have an inverted relationship. One basis point equals 0.01%.
Investors mulled over the outlook for the U.S. economy after retail sales figures for November came in weaker than expected on Thursday. Fears about a looming recession related to the Fed's aggressive rate hikes throughout 2022 have mounted in recent weeks.
Get Boston local news, weather forecasts, lifestyle and entertainment stories to your inbox. Sign up for NBC Boston’s newsletters.
On Wednesday, the central bank had announced a 50 basis point increase to interest rates, a slight decline from the 75 basis point hikes implemented at the previous four Fed meetings.
The central bank also indicated that rates would stay elevated for longer, with Chairman Jerome Powell reiterating that the battle against inflation must be continued.
