Bond yields were trading higher on Friday despite United Nations’ report said that global economic growth is projected to slow to 1.9% this year from an estimated 3% in 2022. The report blamed the COVID-19 pandemic, Russia's war in Ukraine, high inflation and the climate crisis. It said this would mark one of the lowest growth rates in recent decades.
In the global market, Treasury yields rose Thursday after the fourth quarter gross domestic product report was better than expected even as investors worry about a looming economic recession. Furthermore, Oil prices rose on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data.
Back home, the yields on new 10 year Government Stock were trading 5 basis points higher at 7.39% from its previous close of 7.34% on Wednesday.
The benchmark five-year interest rates were trading 7 basis points higher at 7.22% from its previous close of 7.15% on Wednesday.
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