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The yield on 10-year Treasury note hit a one-month high on Friday, on pace to post its biggest weekly gain since April after recent data showed hotter-than-expected inflation.
The U.S. consumer price index — a widely followed measure of inflation — rose more than expected last month, with the core CPI posting its biggest gain in one and a half years.
The Labor Department said on Friday its producer price index for final demand edged up 0.1% last month after a similar gain in May. Economists polled by Reuters had forecast the PPI unchanged in June.
"Another core inflation surprise... PPI drives in-range down trade," Ian Lyngen, head of U.S. rates strategy at BMO, said in a note. The inflation number is "marginally bearish for the Treasury market and as yields come off this morning's lows."
The yield on the benchmark 10-year note had fallen below 2% this month on expectations global central banks would respond to a slowing global economy with more monetary stimulus. The rate started coming back after a blowout June jobs report boosted the confidence on the U.S. economy.
Wall Street rallied to a record high on Thursday, after testimony by Federal Reserve Chair Jerome Powell this week that signaled easier monetary policy could be implemented later this month.
In testimony to the House Financial Services Committee on Wednesday, Powell said business investments across the U.S. have slowed "notably" recently as uncertainties over the economic outlook linger. He repeated the same line of thought during the second day of his testimony on Thursday.
Meanwhile, Trump said in a tweet on Thursday that China was not living up to promises it made on buying agriculture products from American farmers. His comments threatened to revive worries about trade, with the world's two largest economies locked in a protracted dispute.
Elsewhere, Chicago Fed President Charles Evans is due to speak Friday at 11:00 a.m. ET.
— CNBC's Silvia Amaro contributed reporting