The yield has risen 73.6 basis points over the past seven weeks, according to Dow Jones Market Data. On Friday, traders were considering whether the U.S. is moving into a period of higher-for-even-longer interest rates, fueled by continued economic strength and potential inflationary pressures.

The U.S. dollar was poised for a big weekly gain on Friday, towering near one-year peaks as Federal Reserve rate cut doubts also weighed on Treasuries and world stocks. Fed Chair Jerome Powell said on Thursday there was no need to rush rate cuts to support a robust U.

Stocks finished lower on Thursday, with another afternoon selloff tied to a jump in Treasury bond yields, this time linked to hawkish comments from Fed Chair Jerome Powell. Speaki

Indexes slipped as traders zeroed in on remarks from Fed Chair Jerome Powell, who said the central bank is in no hurry to cut rates amid a strong economy.