After a turbulent stretch for the US bond market, traders are heading into Friday's session with questions about what Treasury Secretary Scott Bessent's next move will be. Treasuries were steady across maturities in the early New York morning, with the 10-year benchmark at 4.69% after swinging up and down in the past two days.

The discussion in the market currently revolves around what tools Bessent would reach for if yields start heading higher again and whether limits to the Treasury's firepower mean the Federal Reserve might step in. The week's volatility has left participants cautious, with many awaiting clearer signals from policymakers before committing to new positions.

Market participants are closely monitoring the interplay between fiscal and monetary authorities as they navigate the current uncertainty. The outcome could set the tone for bond markets in the coming weeks, with implications for borrowing costs across the economy.