Treasury yields were little changed on Friday after sharply falling earlier in the week, as investors assess the U.S. inflation outlook.
The 10-year Treasury was up one basis point at 4.617%. The 2-year Treasury yield inched up 4 basis points at 4.278%. One basis point is equal to 0.01%, and yields and prices have an inverted relationship.
Treasury yields plummeted on Wednesday, with the 10-year yield sliding 13 basis points, and the 2-year yield dropping 10 basis points. Earlier this week, the benchmark yield hit its highest level in 14 months.
That was after December's consumer price index was published, and the core inflation rate slowed to 3.2% on an annual basis, lower than the 3.3% forecast by economists polled by Dow Jones. Core inflation, excluding volatile food and energy prices, grew 0.2% on a monthly basis, which was also lower than expected.
Headline inflation was up 0.4% on a monthly basis and 2.9% on an annual basis.
After the release of this data, Federal Reserve Governor Christopher Waller told CNBC on Thursday that the central bank may lower interest rates multiple times this year if inflation continues to ease.
"As long as the data comes in good on inflation or continues on that path, then I can certainly see rate cuts happening sooner than maybe the markets are pricing in," Waller said on "Squawk on the Street" in an interview with Sara Eisen.
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