Treasuries Finish Volatile Session Modestly Higher

(RTTNews) - Treasuries saw considerable volatility over the course of the trading session on Friday, eventually ending the day modestly higher.

Bond prices jumped early in the session before giving back ground only to move back to the upside as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.3 basis points to 4.133 percent.

The volatility on the day came as bond traders weighed the economic worries sparked by the monthly jobs report against the inflation concerns generated by an extended surge by the price of crude oil.

The Labor Department released a closely watched report early in the day showing employment in the U.S. unexpectedly decreased in the month of February.

The report said non-farm payroll employment slumped by 92,000 jobs in February after jumping by a downwardly revised 126,000 jobs in January.

Economists had expected employment to increase by 60,000 jobs compared to the addition of 130,000 jobs originally reported for the previous month.

The report also said the unemployment rate ticked up to 4.4 percent in February from 4.3 percent in January, in line with economist estimates.

Meanwhile, the price of crude oil has skyrocketed above $90 a barrel as the U.S.-Iran conflict spreads across the Middle East, leading to concerns about a global energy crisis.

As the Middle East conflict enters its seventh day, Israel has intensified air strikes on Iran, while the U.S. said its attacks on Iran are going to "surge dramatically."

President Donald Trump said in a post on Truth Social this morning that there would be no deal with Iran except "unconditional surrender."

"After that, and the selection of a GREAT & ACCEPTABLE Leader(s), we, and many of our wonderful and very brave allies and partners, will work tirelessly to bring Iran back from the brink of destruction, making it economically bigger, better, and stronger than ever before," Trump said.

Trump previously said the U.S. wants to be involved in the process of choosing the person who is going to lead Iran into the future.

Next week's trading is likely to be driven by reaction to the latest developments in the Middle East, while reports on consumer prices, durable goods orders and consumer sentiment may also attract attention.