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US Bonds in focus on Wall Street amid ongoing trade war worries

US Bonds in focus on Wall Street amid ongoing trade war worries

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U.S. Markets Overview: Treasurys chart

At around 03:40 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.3185%, while the yield on the 30-year Treasury bond was also lower at around 2.7534%.

Market focus is largely attuned to global trade developments, with the world’s two largest economies locked in an intensifying dispute.

The U.S. and China have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

Tensions between Washington and Beijing have ratcheted up even further. The U.S. added Chinese telecom giant Huawei to it’s so-called “Entity List” — effectively banning the company from acquiring technology from U.S. firms without government approval.

On Thursday, four Federal Reserve officials said escalating trade tensions could threaten economic growth. The comments were in stark contrast to Chairman Jerome Powell’s remarks on Monday, when he said it was too early to ascertain the impact of trade on the trajectory of monetary policy.

On the data front, durable goods figures for April will be released at around 8:30 a.m. ET. There are no major U.S. Treasury auctions scheduled for Friday.

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