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Treasuries showed a notable move to the downside during trading on Friday, extending the pullback seen over the two previous sessions.

Bond prices came under pressure in early trading and remained firmly negative throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.9 basis points to 1.370 percent.

The continued weakness among treasuries came as traders looked ahead to the Federal Reserve’s highly anticipated monetary policy meeting next week.

The Fed is widely expected to leave monetary policy unchanged but could address the outlook for its asset purchase program.

The minutes of the Fed’s last meeting signaled the central bank was prepared to begin scaling back asset purchases by the end of the year.

With some recent disappointing economic data suggesting the Fed could push back its plans, traders are likely to pay close attention to the wording of the post-meeting statement.

On the economic front, a report from the University of Michigan showed U.S. consumer sentiment rebounded less than expected in September.

The report said the consumer sentiment index inched up by 71.0 in September from 70.3 in August. Economists had expected the index to rise to 72.2.

The modest increase came after the consumer sentiment index tumbled to its lowest level since December of 2011 in the previous month.

“The steep August falloff in consumer sentiment ended in early September, but the small gain still meant that consumers expected the least favorable economic prospects in more than a decade,” said Surveys of Consumers chief economist, Richard Curtin.

The Fed’s post-meeting statement is likely to be in the spotlight next week, overshadowing a a slew of U.S. housing data.


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