U.S. government debt prices jumped on Friday as global credit contagion fears surrounding Turkey pushed traders into relatively safer assets.
The Turkish lira collapsed to an all-time low against the U.S. dollar Friday even as Turkey's leader, President Recep Erdogan downplayed the concerns, telling Turks "we have our God."
Trump's comment came after Turkish President Recep Tayyip Erdogan asked citizens to "change the euros, the dollars and the gold that you are keeping beneath your pillows into lira," noting this is "a domestic and national struggle."
The drop came after a Turkish delegation returned from Washington with no apparent progress being made on the detention of Andrew Brunson, an American pastor detained in Turkey in 2016.
The yield on the benchmark 10-year Treasury note fell 6 basis points to 2.873 percent at 3:58 p.m. ET, while the yield on the 30-year Treasury bond dropped 5 basis points to 3.03 percent. The Turkish 10-year yield hit a high of 22.82 percent, its highest level back through 2010. Bond yields move inversely to prices.