The yield on the benchmark 10-year Treasury note was higher at around 3.14 percent at 2:58 p.m. ET, while the yield on the 30-year Treasury bond traded at 3.315 percent. Bond yields move inversely to prices.
Yields dipped from multiyear highs on Thursday, as investors sought safety from the stock market's rout int he previous session.
Strategists at MRB Partners said in a note Friday that rates should continue to rise in the long term as "the cyclical bond outlook" is still bearish.
"Fed policy is a long way from being restrictive, but the U.S. economy is overheating: the rate hiking cycle will persist," they said. "The U.S. is far ahead of the other major economies in terms of inflation risks. ... Even with a firm dollar, the Fed has little leeway to pause its rate cycle absent a significant financial market debacle. Slowing its rate hiking path would only increase the chances of entrenching inflation and, thus, force a more rapid rate rise down the road."
Sentiment around the globe was rocked in recent sessions, as investors grew nervous over the rise in interest rates. President Donald Trump has recently criticized the U.S. Federal Reserve for the decline in stock markets, saying on Wednesday that he wasn't happy with how the central bank continued to raise interest rates.
"The problem I have is with the Fed. The Fed is going wild. I mean, I don't know what their problem is that they are raising interest rates and it's ridiculous," Trump said during a telephone interview on Wednesday with Fox News. Trump went onto blame the Fed for the stock market decline on Thursday, but added that while he was disappointed, he wouldn't remove Jay Powell as Fed chair.
In data, U.S. import prices jumped 0.5 percent last month, a faster increase than expected.