U.S. Treasury yields bounced on Friday, easing some concerns about a global economic slowdown brought about in part because of the surprising decline in yields in recent months.
The yield on the benchmark 10-year Treasury note climbed 7 basis points to 1.358% at 4:00 p.m. ET. The yield on the 30-year Treasury bond advanced by 7 basis points to 1.988%. Yields move inversely to prices and 1 basis point equals 0.01 percentage points.
The bounce follows a big drop in yields on Thursday that shook equity markets and took the 10-year yield as low as 1.25%. Equity futures were rebounding on Friday as yields bounced.
Treasury yields have been falling this past week, with the spread of the more transmissible delta Covid-19 variant dampening sentiment. The 10-year Treasury yield was at 1.43% at the end of last week. Back in March, it was as high as 1.78%.
In addition, the Labor Department's weekly jobless claims data showed an unexpected jump in first-time applicants in the week ended July 3. The data, released on Thursday, showed 373,000 unemployment insurance claims were filed last week, above economists' forecast of 350,000 initial claims.
David Marchant, chief investment officer at Canada Life Asset Management, told CNBC's "Squawk Box Europe" on Friday that he believed that the "risk that inflation isn't controlled, that it does start to accelerate is not reflected in where government bonds, or bonds generally are trading."
There are no major economic data releases or Treasury auctions scheduled for Friday.
Over the weekend, Federal Reserve vice chair for supervision Randal Quarles is due to make a speech on the central bank's financial stability board and climate change at the Venice International Conference on Climate Change, at 9:20 a.m. ET on Sunday.
Correction: A previous update misstated the correct level of the 30-year Treasury yield.