Treasury yields were little changed on Friday as investors got ready for a crucial meeting between President Donald Trump and Chinese President Xi Jinping at the G-20 summit.
Traders awaited a key meeting between U.S. President Donald Trump and Chinese President Xi Jinping at the G-20. Trump and Xi are expected to meet Saturday amid their ongoing trade conflict.
The world’s two largest economies have maintained firm stances going into the weekend, with the Chinese Ministry of Commerce calling on Washington to cancel its pressure and sanction measures on Huawei and other Chinese companies, while Trump reiterated a threat to impose tariffs on all Chinese imports if talks fail.
“All eyes remain on the G20 summit,” said Gregory Faranello, head of U.S. rates at AmeriVet Securities, in a note. “There has been a fair amount of chatter about the bigger picture relationship between China and the US.”
“The markets need to see some form of progress at this point.”
Trump is scheduled to meet Xi in Osaka, Japan on Saturday.
On the data front, U.S. consumer spending rose 0.4% in May as households ramped up auto purchases and spent more money at restaurants. However, the core personal consumption expenditures price index came in below the Fed’s 2% inflation target.
CNBC’s Silvia Amaro and Elliot Smith contributed to this article.
Published June 28, 2019 by Fred Imbert and Matt Clinch