Treasuries moved sharply lower during trading on Friday, extending the notable downward move seen over the past several sessions.
Bond prices moved steadily lower over the course of morning trading and remained firmly negative throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, surged up by 8.7 basis points to 1.9 percent.
With the jump, the ten-year yield closed higher for the fifth time in the past six sessions, reaching its highest closing level in well over a month.
The steep drop by treasuries was partly in reaction to a Twitter message from PIMCO's Bill Gross calling an end to bull market in bonds.
"The secular 30-yr bull market in bonds likely ended 4/29/2013. PIMCO can help you navigate a likely lower return 2 - 3% future," Gross said via the @PIMCO Twitter account.
Easing concerns about a Spring slowdown by the U.S. economy also weighed on treasuries amid another light day in terms of U.S. economic data.
Following this week's nearly barren economic calendar, a slew of data is scheduled to be released next week. Traders are likely to keep a close eye on reports on retail sales, housing starts, industrial production, and producer and consumer price inflation.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.