U.S. Treasury yields declined on Friday as investors digested key economic data that could impact the Federal Reserve's upcoming policy decision.
The 10-year Treasury was at 3.439% after falling by nearly 9 basis points. The yield on the 2-year Treasury was last down by around 6 basis points to 4.037%.
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WATCH HEREYields and prices move in opposite directions and one basis point is equivalent to 0.01%.
Treasury yields had jumped on Thursday, with the 2-year Treasury gaining over 15 basis points, despite the latest GDP figures indicating slower than expected economic growth in the first quarter.
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SIGN UP Thursday's report showed that the GDP rose by 1.1% at an annualized pace, falling short of the 2% increase previously expected by economists surveyed by Dow Jones.
Meanwhile, the personal consumption expenditure index, which is one of the Federal Reserve's preferred inflation gauges, came in at 4.2% on a quarterly basis. This was above the 3.7% for the previous quarter.
The monthly reading of the core PCE for March rose 0.3%, in line with economist expectations. The index, which was released Friday, is a key measure of inflation for the Fed.
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The central bank is set to meet next week and is expected to hike interest rates by a further 25 basis points. Investors are also hoping for guidance about how long rates will remain elevated and when rate cuts can potentially be expected.
Elsewhere, Germany's GDP stagnated in the first quarter, falling short of expectations, and France reported 0.2% GDP growth on Friday.
