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Technical factors, including a lack of clear support between the 4.5% and 5.0% levels on 10-year Treasury yields have also made investors more cautious about entering the market.
The Fed is "effectively clearing the decks for organic economic data to matter once more, that really puts the onus on economic activity over the course of the next 6 months for so," LeBas added. Benchmark 10-year note yields reached 4.508% earlier on Friday, the highest since November 2007, before falling back to 4.478%.