CNBC reports that U.S. government debt prices were higher Friday morning on concerns over new instability in Hong Kong and increasing tensions between Washington and Beijing.
The yield on the benchmark 10-year Treasury note was trading lower at 0.633% and the yield on the 30-year Treasury bond was also moving lower at 1.343%. Yields move inversely to prices.
Investors are reacting to the latest news that China is set to impose a new national security law on Hong Kong, which could spark further anti-government protests. Beijing’s control over the city will likely evoke the ire of the U.S. and other Western powers which supported pro-democracy protesters.
In addition, China has said that it will not set a growth target for 2020, given the uncertainty sparked by the Covid-19 pandemic.
There are no economic data releases, Fed speeches or Treasury auctions Friday as the U.S. heads for an extended weekend to commemorate Memorial Day on Monday.
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