U.S. Treasury yields rose on Friday after the Federal Reserve's preferred gauge of inflation came in higher than expected on a year-over-year basis.
The yield on the 10-year Treasury note was up about 8 basis points to 3.751%, while the yield on the 2-year U.S. Treasury note rose 6 basis points to 4.327%.
Yields and price move in opposite directions. One basis point equals 0.01%.
On Friday the Bureau of Economic Analysis reported that core personal consumption expenditures price index, which excludes food and energy prices, climbed 4.7% in November from the year-earlier period, while economists polled by Dow Jones expected a gain of 4.6%. Month over month, the index advanced 0.2%, matching expectations.
Global bond markets sold off this week after the Bank of Japan tweaked its yield curve controls, in a move aimed at cushioning the effects of protracted monetary stimulus measures.
Yields have been rising throughout the week as Fed investors continue to fret over the chances of a recession and what that could mean for monetary policy.
U.S. government data released on Thursday, however, showed gross domestic product increased at an annual rate of 3.2% in the third quarter, higher than a previous estimate of 2.9%. The economy contracted 0.6% in the second quarter.
The Fed has been hiking rates aggressively to try to bring down inflation and has signaled further rises could be ahead. The central bank is expecting to hike its benchmark rate to 5.1% before it can get inflation under control.
— CNBC's Samantha Subin contributed to this report.