Treasurys' Rally Reaches 6 Weeks
Treasury bonds wrapped up a sixth straight weekly price gain, extending the run to the longest winning streak since June 2011.</br></br>Prices strengthened as the latest data showed the U.S. economy hit a soft patch during the first quarter. The sixth weekly decline in the 10-year yield, which moves inversely to its price, underscores how optimism over the U.S. economy earlier this year has shifted to anxiety about the strength of the recovery.</br></br>The 10-year yield, a benchmark for long-term U.S. consumer and corporate borrowing rates, has tumbled from 2.399% in March and now trades less than 0.30 percentage point from a historic low set in September.</br></br>"Technicals are slightly bearish for Treasurys because of low yields but the economic data [are] waning and the situation in Europe is deteriorating further," said Ian Lyngen, senior government-bond strategist at CRT Capital Group LLC.</br></br>Late Friday in New York, the 10-year note rose 8/32 point, to 100 20/32, to yield 1.931%, compared with 1.959% late Thursday. The yield has edged down from 1.966% at the end of last week and has dropped 0.37 percentage point over the past six weeks. The 30-year bond gained 13/32 point, to 100 6/32, to yield 3.116%.