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.

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

The odds of a 25-basis-point rate cut fell to less than 60% shortly after Powell's comments, down from 80%, as calculated by the CME FedWatch Tool. The probability remained lower, around 58%, on Friday morning.

U.S. stock index futures fell on Friday after Federal Reserve Chair Jerome Powell said there was no need to reduce interest rates in a hurry, pushing up bond yields and pressuring rate-sensitive equities.

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.

Stocks moved lower after Federal Reserve Chair Jerome Powell said the central bank is in 'no hurry' on rate cuts.

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