Treasuries Close Roughly Flat For Second Straight Day

Treasuries Close Roughly Flat For Second Straight Day

After ending the previous session roughly flat, treasuries turned in another lackluster performance during trading on Friday.

Bond prices saw modest strength at points during the day before closing near the unchanged line. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, ended the day unchanged at 3.056 percent.

Uncertainty about trade kept some traders on the sidelines as the U.S. and Canada approach a September 30th deadline to reach an agreement for Canada to join a trade deal struck between the U.S. and Mexico.

U.S. Trade Representative Robert Lighthizer recently said the U.S. is prepared to move ahead with the deal replacing the North American Free Trade Agreement without Canada.

Traders also kept an eye on developments overseas after the new Italian government offered a budget with a deficit target three times larger than the previous administration's goal.

In U.S. economic news, the Commerce Department released a report showing personal income rose by slightly less than expected in the month of August, while personal spending increased in line with economist estimates.

The report said personal income climbed by 0.3 percent in August, matching the increase seen in July. Economists had expected income to rise by 0.4 percent.

Meanwhile, the Commerce Department said personal spending rose by 0.3 percent in August after climbing by 0.4 percent in the previous month. Spending had been expected to increase by 0.3 percent.

A separate report from the University of Michigan showed consumer sentiment improved by slightly less than initially estimated in the month of September.

The report said the consumer sentiment index for September was downwardly revised to 100.1 from the preliminary reading of 100.8. Economists had expected the index to be unrevised.

Despite the downward revision, the final reading for September still reflects a notable increase from the final August reading of 96.2.

Next week's trading may be impacted by reaction to the monthly jobs report due next Friday along with reports on manufacturing and service activity and remarks by several Federal Reserve officials.

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