U.S. government debt yields were mixed Friday as investors assessed the latest gross domestic product (GDP) data out of the U.S.
The yield on the benchmark 10-year Treasury note fell to 2.448 percent at 9:51 a.m. ET, while the yield on the 30-year Treasury bond was down at 2.947 percent. Bond yields move inversely to prices.
Meanwhile the yield on the 2-year Treasury note hit a high of 1.639 percent earlier in the morning, its highest level since Oct. 2008, when the 2-year yielded as high as 1.716 percent.
President Donald Trump is getting closer to naming the next Federal Reserve chair, with sources saying the pick is going to be Fed Governor Jerome "Jay" Powell. Yields slipped as Wall Street grows more confident in Powell's candidacy.
Treasurys
Gross domestic product increased at a 3.0 percent annual rate in the July-September period after expanding at a 3.1 percent pace in the second quarter, the Commerce Department said on Friday.
While the department acknowledged that it was difficult to assess the total impact of Hurricanes Harvey and Irma on economic output, preliminary estimates showed that the back-to-back storms had caused losses of $121.0 billion in privately owned fixed assets, reported Reuters.
In central banking news, the European Central Bank announced Thursday that it plans on cutting the level of bonds that it buys every month; however, it will extend the monetary stimulus program until at least September 2018.
Meanwhile, a few House Republicans sent a letter to President Donald Trump, calling upon him to not reappoint Janet Yellen as chair of the Federal Reserve when her term expires in early 2018.
In politics, the House narrowly voted to approve a Senate version of next year's federal budget Thursday, making it easier for the Senate to push through tax cuts in the near future.
In the energy markets, oil prices were under slight pressure in morning trade.
—CNBC's Jeff Cox, Christina Wilkie and Gina Francolla contributed to this report.