U.S. Treasury prices slipped on Friday and yields jumped as investors sold out of government bonds and looked to move back into stock markets.

The yield on the benchmark 10-year Treasury note surged 11 basis points to 2.929%. The yield on the 30-year Treasury bond climbed 12 basis points to 3.092%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Stocks jumped on Friday as the markets looked to avoid falling into bear territory following heavy selling in recent days.

"Today's price action largely reflects some of that shift out of the safe-haven buying back toward some risk assets which is largely what we're seeing across the board," said Charlie Ripley of Allianz Investment.

Throughout the week, investors appeared to have rotated out of stocks and into Treasurys in search of a safe haven, as persistently high inflation data has fueled recession fears.

Federal Reserve President Jerome Powell said in an interview with Marketplace on Thursday that he couldn't guarantee a "soft landing" for the economy, despite the central bank's efforts to control inflation.

Kristina Hooper, chief global market strategist at Invesco, told CNBC's "Squawk Box Europe" that she expected the Fed to announce a "few more 50-basis-point [interest rate] hikes in relatively close succession."

"But beyond that I actually anticipate the Fed will make another pivot and a get a bit more dovish," she added.