U.S. government debt yields were set for week-to-date gains Friday following comments from the Federal Reserve earlier in the week and persistent strength in employment data.
Government debt rates rose throughout the week after the Fed's latest meeting minutes showed members were confident in the current path of interest rate hikes and wary of "excesses" in financial markets.
The yield on the benchmark 10-year Treasury note was higher at around 3.196 percent at 4:03 p.m. ET, while the yield on the 30-year Treasury bond was higher at 3.378 percent. Bond yields move inversely to prices. The yield on the two-year Treasury note returned to levels not seen since 2008, rising above 2.912 percent Friday afternoon.
Minutes of the central bank's September meeting released Wednesday showed officials discussing plans to continue with its planned rate hikes, with some members suggesting there could come a time when the committee could exceed a neutral level in favor of more restrictive policy.
Federal Open Market Committee officials would likely use restrictive rates to clamp down on inflation and to address any imbalances the Fed sees in the financial markets.