U.S. Treasury yields rose on Friday morning as traders continued to digest comments from Federal Reserve Chairman Jerome Powell and monitor the outbreak of the coronavirus.
At around 2:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.5837%, while the yield on the 30-year Treasury bond was higher at 2.0465%.
China’s National Health Commission confirmed on Friday that there have been 9,692 confirmed cases of the coronavirus, with 213 deaths. The World Health Organization (WHO) recognized the deadly pneumonia-like virus as a global health emergency on Thursday, citing concern that the outbreak continues to spread to other countries with weaker health systems.
Markets have been spooked by the outbreak, with investors trying to assess the potential economic fallout.
On Thursday, the yield on the benchmark 10-year Treasury note dipped below the three-month Treasury rate briefly, inverting part of the yield curve that the Federal Reserve watches closely. The so-called yield curve inversion has been a strong sign since 1950 that a recession is coming in the next 12 months.
On the data front, personal income for December, consumer spending for December and core Personal Consumption Expenditures (PCE) for December will all be released at 8:30 a.m. ET.
Chicago Purchasing Managers Index (PMI) for January and a final reading of consumer sentiment for January will follow slightly later in the session.
—CNBC’s Sam Meredith and Yun Li contributed to this article.