U.S. Treasury yields were higher on Friday, but closed down for the week, as market participants assessed the prospect of major central banks implementing further interest rate hikes to curb soaring inflation.
The yield on the benchmark 10-year Treasury note was trading higher at 3.134%, down from last Friday's close of 3.231%.
Meanwhile, the yield on the 30-year Treasury bond rose around 8 basis points to 3.263%, compared to last Friday's close of 3.282%.
Yields move inversely to prices.
On the data front, a final reading of consumer sentiment for June showed a slight easing of inflation expectations to 5.3% over the next year. The preliminary reading earlier this month showed an expected 5.4% rise in prices.
Federal Reserve Chairman Jerome Powell has pointed to preliminary reading as a reason the Fed implemented its biggest rate hike since 1994 on June 15. Yields trimmed their gains after the reading was released.
Powell on Thursday reaffirmed the U.S. central bank's "unconditional" commitment to reining in 40-year high inflation levels.
Speaking at the U.S. House of Representatives Financial Services Committee, Powell acknowledged that sharply higher interest rates could push up unemployment but said that restoring price stability was "something that we need to do."
The Fed increased its benchmark funds rate by 75 basis points last week — its largest rate increase since 1994. The Swiss National Bank also surprised markets in recent days with its first rate hike since 2007, while the Bank of England implemented its fifth rate rise in a row.
— CNBC's Jesse Pound contributed to this report.