After the indicators, the 10-year Treasury note yield, which rises as prices fall, was up 5 basis points at 2.694%. The rise in yields comes after three days of declines, with the benchmark yield remaining largely range-bound.
The 30-year bond yield rose 3 basis points to 3.625% and the 5-year note yield rose 6 basis points to 1.546%.
James Bullard, president of the St. Louis Federal Reserve, said in a television interview Friday morning that the growth data doesn’t shake his confidence in the economy. “I’m not sure it makes me any less optimistic about 2014,” Bullard said on CNBC.
The market continues to express skepticism that weaker than expected numbers indicate a slowdown in underlying economic growth. Soft data have been chalked up to cold weather, which is thought to temporarily put a damper on growth, but have little residual dampening effect on the trajectory of economic activity.
Charles Plosser, president of the Philadelphia Federal Reserve, echoed the market’s optimistic tone on Friday, saying that it will take a few months to understand how much the weather is interfering with growth. He said the economic outlook is still bright.