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.

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.

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

Stocks opened higher Thursday following the latest inflation data but didn't stay there for long. A late-afternoon speech from Federal Reserve Chair Jerome Powell failed to reignite sentiment, with all three main benchmarks closing the day in the red.

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.

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.

October retail sales loom after in-line inflation data and Jerome Powell's comments casting doubt on Fed rate cuts. S&P 500 futures fell.

The Federal Reserve Chairman Jerome Powell announced on November 14 that strong U.S. economic growth will allow policymakers to decide how fast to lower interest rates. Powell argues that the economy is not sending any signals that the Fed needs to be in any hurry to lower rates.