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.

Wall Street is absorbing a jump in retail sales and Jerome Powell's hawkish comments as Trump-fueled optimism starts to wear off.

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