2014.06.2016:52:00UTC+00Treasuries Close Nearly Flat After Lackluster Trading Day

After recovering from an early move to the downside, treasuries showed a lack of direction for the remainder of the trading session on Friday before closing nearly flat.

Bond prices moved roughly sideways throughout the afternoon, hugging the unchanged line. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 2.624 percent.

An absence of major U.S. economic news contributed to the choppy trading, as investors looked ahead to some key data due to be released next week.

Next week's data includes closely watched reports on new and existing home sales, durable goods orders, and personal income and spending.

The personal income and spending report includes a reading on inflation that is favored by the Federal Reserve and is likely to be in focus in light of recent reports showing notable price growth.

Despite the recent indications of rising prices, the Fed said inflation has been running below the monetary policy committee's longer-run objective.

In her post-meeting press conference on Wednesday, Fed Chair Janet Yellen acknowledged that recent inflation data has been on "the high side" but also described the data as "noisy."

While the economic data is likely to be in focus next week, trading could also be impacted by any significant developments regarding the situation in Iraq.