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U.S. government debt prices were lower on Friday morning as investors grew skeptical about how tax reform will deliver growth, or be delivered at all.
The yield on the benchmark 10-year Treasury notes was higher at around 2.332 percent, while the yield on the 30-year Treasury bond was also higher at 2.874 percent. Yields move inversely to prices.
Investors are concerned that the Republicans and the Trump administration, which has struggled to pass major legislation such as health-care reform, will be unable to push its tax code changes through Congress.
Supporters of the proposals, which include lower corporate tax rates and lower rates for individuals, say they will lead to more spending and increased growth, which would make up for any deficit to the budget.
"Any time you have tax reform that depends on growth to balance the budget," bond investors become skeptical, according to Jim Vogel, head of interest-rate strategy at FTN Financial in a Reuters report.
"This could have budget-busting implications for Treasury supply over the next couple of years."
On the data front, Friday will see the U.S. report on personal income growth for August, which is expected to show growth of 0.2 percent. The Chicago purchasing managers' index for September and the final reading of consumer sentiment will also be published.
In oil markets, Brent crude traded at around $57.55 a barrel on Friday morning, up 0.24 percent, while U.S. crude was around $51.52 a barrel, down 0.06 percent.