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US Treasurys climb from earlier lows

Symbol
Yield
 
Change
%Change
US 3-MO
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US 1-YR
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US 2-YR
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US 5-YR
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US 10-YR
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US 30-YR
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Longer-dated U.S. bonds climbed from earlier lows on Friday afternoon, following a survey that showed improving consumer sentiment.

Rising prices brought down yields on benchmark 10-year Treasury notes—used to calculate mortgage rates and other consumer loans—to 2.32 percent in afternoon trading, on a rise of 5/32 in price. Prices and yields are inversely related.

November's consumer sentiment rose to more than a seven year high, bolstered by falling unemployment and cheap gasoline prices. Consumers' one-year inflation expectation fell to 2.6 percent from 2.9 percent.

In the morning, Treasury prices dropped after a higher than expected rise in October retail sales. Last month, U.S. retail sales rose 0.5 percent—the biggest jump since August, according to the Commerce Department.

"It's a very key number, it shows the health of consumers and plays a part in GDP, and the Fed is definitely looking at it," said Justin Lederer, Treasury strategist at Cantor Fitzgerald in New York. Short-dated Treasury notes are viewed as most vulnerable to the Fed's first hike in interest rates from rock-bottom levels.

The U.S. 30-year bond price is up 16/32 to yield 3.049 percent.

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Also, U.S. crude prices touched a four-year low early on Friday. Brent crude edged higher, but remained near a four-year nadir.

Meanwhile, world leaders have gathered in Brisbane, Australia for this weekend's G-20 Leaders' Summit. Policymakers will discuss global growth challenges, with the G-20's goal of boosting collective GDP by 2 percentage points over five years looking increasingly unlikely.

Reuters contributed to this report.