10-year Treasury yield sees biggest weekly jump in around a month

U.S. Treasury yields were mostly steady on Friday, capping a weeklong surge, after signs of progress toward a U.S.-China trade deal pushed long-term government rates to multimonth highs this week.

Sifma recommended the bond-market will be closed Monday for the Veterans Day holiday.

What are Treasurys doing?

The 10-year Treasury note yield TMUBMUSD10Y, +1.32% was virtually unchanged at 1.93%, and was up around 20 basis points this week, marking its largest such jump in a month. Meanwhile, the 30-year bond TMUBMUSD30Y, +1.08%  was up 1.5 basis points to 2.415%, adding to a weekly rise of 20.3 basis points. Both long-dated maturities hit a more than three-month high.

The 2-year note rate TMUBMUSD02Y, -0.19% was down 1.3 basis points to 1.664%, trimming its weekly rise to 10.2 basis points.

What’s driving Treasurys?

White House adviser Peter Navarro said that U.S. had not agreed to roll back tariffs, following reports that there were disagreements within the Trump administration whether to remove existing import levies. President Donald Trump later said he had yet to approve such an agreement.

On Thursday, Chinese officials had said both sides had accepted that if a “phase one” trade deal came to pass, the U.S. and China would both reduce the tariffs simultaneously at the same proportional pace.

Stocks capped weeklong gains as improving sentiment around trade tensions and the economy’s health. The S&P 500 SPX, +0.26%  and Nasdaq Composite COMP, +0.48% closed at records on Friday.

Investors digested some U.S. economic data. The University of Michigan’s consumer sentiment survey for November came in at 95.7%, from 95.5% last month.

Several Federal Reserve officials including San Francisco Fed President Mary Daly, New York Fed President John Williams and Fed Gov. Lael Brainard spoke on Friday, though most of their comments didn’t pertain to monetary policy. Atlanta Fed President

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