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10-year Treasury yield hits 2019 lows as US rates near back-to-back weekly declines

The yield on the benchmark 10-year Treasury note hit its lowest level since early January on Friday as U.S. government debt rates headed for two straight weeks of declines.

At around 9:50 a.m. ET, the yield on the benchmark 10-year Treasury note had dropped to 2.587 percent, while the yield on the 30-year Treasury bond also slipped, hovering at 3.01 percent. Bond yields move inversely to prices.

U.S. Markets Overview: Treasurys chart

Early economic data showed industrial production rose 0.1 percent in February, falling short of economists expansion of 0.3 percent. Meanwhile, job vacancies jumped to a fresh high of 7.6 million in January as employers scramble to fill positions, the Bureau of Labor Statistics reported Friday.

In the latest surrounding the China-U.S. trade saga, U.S. Treasury Secretary Steven Mnuchin said Thursday that a summit between the two nations' leaders would not take place in March, as more negotiations and work needs to take place; Reuters reported.

On Friday, however, Xinhua news agency reported that Chinese Vice Premier Liu He had spoken to Mnuchin and Trade Representative Robert Lighthizer over the phone, with the agency adding that further progress had been made.

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Mnuchin: Pleased with progress on China trade talks

Elsewhere, investors will keep a close eye on Brexit, after U.K. lawmakers voted in favor of delaying the U.K.'s impending departure from the European Union, by at least three months, with members of parliament voting 412 to 202 to extend the deadline, currently set for March 29. The vote however isn't binding, as the EU has to agree to granting an extension.

No members of the U.S. Federal Reserve are scheduled to speak on Friday, however, investors will be keeping a close eye on the U.S. central bank, ahead of its next monetary policy meeting, which is scheduled to take place next Tuesday and Wednesday.