Bond Report: Treasury yields pare gains amid weaker-than-expected economic data

U.S. Treasury prices were lower but drifted back from their lows during Friday trading, as a rally in global stocks underscored demand for assets perceived as risky and away from havens like gold and government paper.

Nonetheless, yields drifted off intraday highs after the Institute for Supply Management said its survey index fell to 54.2 in February, down from 56.6 in January. Economists polled by MarketWatch had expected a reading of 55.5. An index above 50 reflects a growing economy. Meanwhile, the University of Michigan consumer sentiment index missed expectations coming in at 93.8 in February compared to the MarketWatch-polled consensus of 95.6.

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