U.S. Treasury yields dropped further on Friday morning after a round of data indicated that the economy may be contracting.
Yields declined sharply on Thursday as a fresh round of economic reports pointed to a larger-than-expected economic slowdown. The Philadelphia Fed manufacturing index showed a much greater contraction than forecast this month, while last week's jobless claims increased from the previous week., with the market pricing in another 25 basis point interest rate hike at the central bank's early May meeting.
Traders will be closely watching Friday's S&P Global flash PMI for manufacturing and services, a good gauge of economic health, due at 9:45 a.m. ET.
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