10-year Treasury yield falls close to 0.52% after record GDP contraction

Treasury yields continued to move lower on Friday morning after a week where the Federal Reserve iterated a dovish message and held rates, and new data showed the U.S. economy shrank at a record pace.

At around 2:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 0.5233%, while the yield on the 30-year Treasury bond was lower at 1.1764%.

U.S. gross domestic product plunged by a record 32.9% in the second quarter, data showed Thursday. The number was not as bad as feared, however, as economists surveyed by Dow Jones had expected a 34.7% decline.

Overnight, some of the biggest tech stocks — Facebook, Amazon, Alphabet and Apple — reported quarterly results that beat high expectations, likely fueling a small gain in stock markets for Friday.

On the data front, there’ll be a slew of numbers at 8:30 a.m. ET including personal income and consumer spending figures. There will be Chicago PMIs at 9:45 a.m. ET and a consumer sentiment index at 10 a.m. ET.

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