Economic data released Friday showed strength. Industrial production and capacity utilization were on track, while Michigan consumer data jumped sharply. But prices hit a wall of resistance, and investors had already booked profits at the highs. Pushing prices lower were comments from ECB sources suggesting a rate cut would be the last resort to stem further dollar losses.
Markets & Finance
Treasuries End with Losses
Treasuries opened higher Friday, made new highs -- and then reversed course to trade lower. Prices ground higher from the open on high expectations that the break below 3.93% in the yield on the 10-year note would trigger more buying. In addition, shorter-dated issues were bid on heightened anticipation of an ECB rate cut to stall dollar weakness.