Prices then sat in a tight range, erasing nearly all the session's losses on the back of the sharp drop in the Michigan consumer data. But the uptick was shortly reversed on the surge in the Chicago PMI report, with the employment component showing an impressive gain.
Treasuries fell sharply to the lows of the session. Some light retail month-end related buying stemmed further losses, with prices then moving sideways, but Treasuries hugged the lows into the early close.
The Treasury market will be closed Monday for the Memorial Day holiday.