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US Treasury yields drop after downbeat data

United States Treasury yields tumbled on Friday after economic data failed to reach expectations, triggering more recession fears and possibly driving investors' interest to assets deemed safe, such as bonds. The US manufacturing activity dropped to levels unseen in more than two years, according to the Institute for Supply Management (ISM), while construction spending also fell short of estimates.

The return on the 10-year Treasury note fell 15.9 basis points to 2.815% at 10:36 am ET. The yield on the two-year note decreased 16.9 basis points to 2.758% at the same time, while the return on the 30-year bond contracted by eight basis points to 3.042% a minute later.

Baha Breaking News (BBN) / MS