U.S. government debt prices were higher Friday morning as investors dumped riskier assets and searched for safer options amid the coronavirus outbreak.
At around 1:30 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.2324%. The yield on the 30-year Treasury bond was also lower at 1.7317%.
The 10-year yield, which serves as a benchmark for mortgages and other loans, slumped to a new record low as concerns about the global economic impact of the coronavirus hurt investor sentiment. Many investors have searched for safer assets, such as the Japanese yen — the currency was trading at a one-month high against the U.S. dollar on Friday.
Meanwhile, U.S. stock futures are pointing to further losses on Wall Street after the Dow saw its biggest one-day point drop ever. Global stock markets are headed for their worst week since the financial crisis.
In terms of data, investors will be looking at personal income, consumer spending and core personal consumption expenditure price index at 8:30 a.m. ET. This will be followed by Chicago PMIs at 9:45 a.m. and final consumer sentiment figures for February at 10 a.m. ET.
St. Louis Fed President James Bullard is due to speak at 9:15 a.m.
There are no Treasury auctions scheduled.
