The 10-year Treasury yield fell for a second day Friday, set to finish the week lower even after a big pop triggered by Donald Trump's presidential win.
The benchmark 10-year rate dipped 3 basis points to 4.31% after falling about 11 basis points in the previous session. The yields is now lower than last Friday's level of 4.37%. The 2-year Treasury yield traded slightly lower at 4.18%.
Yields and prices have an inverted relationship and one basis point is equivalent to 0.01%.
Bond yields got a boost Wednesday with the 10-year yield popping 15 basis points after Trump defeated Vice President Kamala Harris as traders believe his pro-business policies including tax cuts could spark economic growth.
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Investors also digested the Federal Reserve's widely anticipated move to cut interest rates by a quarter point to a target range of 4.50%-4.75%.
Looking ahead, Powell said that policymakers would make their decisions on a meeting by meeting basis, and that there was no "preset course" for monetary policy. Powell also noted that he was "feeling good" about the economy overall.
One Fed meeting remains on the agenda for this year on December 17 to 18, for which traders were last pricing in an around 75% chance of another rate cut, CME Group's FedWatch tool showed.
Money Report
Investors on Friday will be watching out for the latest consumer sentiment insights, before gearing up for the October inflation report due next week.
