Treasury yields rose on Friday as traders looked ahead to 2023 and the assessed the potential headwinds markets could face in the new year.
Yields and prices have an inverted relationship. One basis point equals 0.01%.As the calendar year draws to a close, uncertainty about a looming recession, persistent inflation, and what these factors could mean for Federal Reserve policies have been weighing on investor sentiment.
This includes whether the central bank will slow or pause interest rate hikes. Many investors have been concerned about the impact of the pace of rate increases implemented by the Fed throughout 2022 on the broader U.S. economy. Throughout the week, many investors have been closely watching the last few economic data points of 2022 for hints about the outlook for next year. On Thursday, initial jobless claims data for the week ending Dec. 24 came in above expectations.
The Chicago Purchasing Managers' Index, which reflects the region's business activity, is due to be published on Friday. Bond markets will close early, at 2 p.m. ET, on Friday and will not open on Monday due to the New Year's Eve holiday.
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