The yield on the US 10-year Treasury note was little changed at 4.24% on Friday, easing back from nearly five-month highs reached earlier in the week. Investors continued to assess the outlook for the US economy ahead of next week’s Federal Reserve policy meeting, while drawing some relief from President Trump’s pivot on proposed tariffs targeting Europe and signs that an agreement over Greenland has been reached. On the data front, the University of Michigan’s consumer sentiment index was revised higher to a five-month high, while flash S&P Global PMI readings pointed to a modest slowdown in growth across both services and manufacturing. Meanwhile, markets are pricing in that the Fed will leave the federal funds rate unchanged next week, with the first rate cut now expected in June.

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