Treasuries Show Notable Move To The Upside

After ending the previous session roughly flat, treasuries showed a strong move to the upside during the trading day on Friday.

Bond prices moved notably higher in morning trading and remained firmly positive throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dropped by 4.4 basis points to 3.074 percent.

The strength among treasuries came amid lingering uncertainty about the global economic outlook and renewed anxiety about Brexit.

Treasuries also benefited from comments by Federal Reserve Vice Chairman, who told CNBC's Steve Liesman, the Fed is close to being "neutral" on interest rates.

"As you move in the range of policy that by some estimates is close to neutral, then with the economy doing well it's appropriate to sort of shift the emphasis toward being more data dependent," Clarida said.

Meanwhile, traders largely shrugged off a report from the Fed showing a slight uptick in industrial production in the month of October.

The Fed said industrial production inched up by 0.1 percent in October after rising by a downwardly revised 0.2 percent in September.

Economists had expected industrial production to rise by 0.2 percent compared to the 0.3 percent increase originally reported for the previous month.

Next week's trading may be somewhat subdued due to the Thanksgiving Day holiday on Thursday, although reports on housing starts, durable goods orders, and existing home sales are still likely to attract attention.