The benchmark 10-year Treasury yield edged lower on Friday as investors weighed a disappointing consumer sentiment reading that showed heightened inflation fears.

The  declined 1.2 basis points to 4.445%, and the  yield ticked up 2.6 basis point to 3.999%. One basis point is equivalent to 0.01%, and yields and prices move in opposite directions.

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The University of Michigan's survey of declined to 50.8 in May from 52.2 in April, the second-lowest reading ever behind June 2022.

A big reason for that decline was a spike in inflation expectations. Consumers now see prices rising 7.3% over the next year, up from 6.5% last month. The longer-term inflation outlook also increased to 4.6% from 4.4%. Treasury yields have had a volatile week, with the 10-year briefly spiking above 4.5% before easing below that mark.

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That comes after the U.S. and China came to a trade agreement to drop most tariffs in a temporary 90-day pause earlier this week, easing fears about a global trade war and risks to the U.S. economy. However, concerns still remain as some companies have warned that rising costs will hit their businesses.

Federal Reserve Chairman that long-term interest rates will likely be higher, given frequent policy changes affecting the economy.

"We may be entering a period of more frequent, and potentially more persistent, supply shocks — a difficult challenge for the economy and for central banks," Powell said in prepared remarks for the Thomas Laubach Research Conference in Washington, D.C.