After trending lower over the past several sessions, treasuries showed a lack of direction during the trading day on Friday.
Bond prices spent the day bouncing back and forth across the unchanged line before closing roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 0.841 percent.
With the slight drop on the day, the ten-year yield gave back ground after ending the previous session at its highest closing level in well over four months.
The choppy trading on the day came amid a lack of concrete news out of Washington regarding a new coronavirus stimulus bill.
Traders have generally remained optimistic that a bill will eventually be passed, although they may be growing tired of waiting.
House Speaker Nancy Pelosi has recently suggested negotiations with Treasury Secretary Steven Mnuchin are making progress, but it seems unlikely a bill will be passed before the elections early next month.
During the final presidential debate Thursday night, President Donald Trump accused Pelosi of stalling a new relief package until after the elections for political purposes.
Trump also claimed that he could get reluctant Senate Republicans to support a broader stimulus bill if an agreement is finally reached.
A lack of major U.S. economic data may also have kept traders on the sidelines following the release of the upbeat jobless claims and existing home sales data released on Thursday.
Any developments in Washington are likely to attract attention next week, although traders are also likely to keep an eye on reports on new home sales, durable goods orders, consumer confidence, pending home sales and personal income and spending.
The Treasury Department is also scheduled to announce the results of its auctions of two-year, five-year and seven-year notes.
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