Bond yields moved back up near their highest levels in over a decade even as Treasury Secretary Scott Bessent seeks to contain borrowing costs. Yields on 30-year Treasurys advanced to around 5.28%, with 10-year yields around 4.74%. Bessent said Thursday that the Treasury had a “big toolkit” for the Treasurys market, adding that the administration would announce an “increased focus on fiscal consolidation” in coming days.

One asset benefiting from the market turmoil is bitcoin, which was recently up almost 6% and briefly neared $80,000 early this morning. The digital currency has also been buoyed by President Trump urging Congress to pass crypto-friendly legislation. Stocks bounced back. The S&P 500 and Nasdaq both added around 0.4%. The Dow gained 1%, or over 500 points.

Prices of precious metals rose sharply again Friday. The moves were a bit hard to square with rising bond yields, which makes holding precious metals a tough sell compared to just plonking the money in a savings account. But worries about America’s fiscal situation have a way of inspiring gold bugs. Front-month gold futures added 5.6%, or $243.70 a troy ounce this week to settle Friday at $4,624.10.

Kevin Warsh came to the chairmanship of the Federal Reserve a harsh critic of the central bank’s recent inflation record: more than five years above the 2% target. He hasn't yet detailed how he would approach inflation differently. He has, however, convened several task forces, one of which will examine how the Fed “understands and responds to the drivers of inflation.”