10-Year Yield Rises Above 3.8% After Topping 4% Briefly This Week

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Treasury yields rose on Friday, after volatile trading this week, as markets closed out an awful week, month and quarter.

The yield on the benchmark 10-year Treasury rose to 3.814%. The note has had a highly volatile week, soaring to a near 14-year high before seeing its steepest inter-day decline since 2020 during Wednesday's session.

The policy-sensitive 2-year Treasury yield rose to 4.264%.

Yields and prices move in opposite directions and one basis point is equal to 0.01%.

Market jitters about the Federal Reserve's economic policy and potential future interest rate hikes have been weighing on markets, amplified by a series of hawkish comments from Fed. The central bankers have made clear that fighting persistent inflation is top of their agenda.

On Thursday, San Francisco Fed President Mary Daly said she would be comfortable with interest rates rising as high as 5% in 2023, while Cleveland Fed President Loretta Mester told CNBC's "Squawk Box" that she sees no reason to slow rate hikes.

Meanwhile, investor concerns about interest rates rising too quickly and a leading to a recession are rising.

An inflation report closely watched by the Federal Reserve released Friday showed that prices continued to increase at a rapid pace.

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