U.S. Treasury yields rose Friday ahead of Federal Reserve Chairman Kevin Warsh's keynote speech at the Jackson Hole symposium, while the 10-year German Bund yield hit a 15-year high of 3.276%. The 10-year Treasury yield increased 1 basis point to 4.682%, and the 30-year yield rose 1.4 basis points to 5.200%, according to Tradeweb.

On Thursday's opening day, Fed members warned of persistent inflation risks. Boston Fed President Susan Collins stated she is "open to supporting an increase [in interest rates]" if disinflation evidence falters. Warsh, who has abandoned forward guidance, faces scrutiny for his economic outlook.

Eurozone bonds remained under pressure from elevated energy prices and fiscal concerns. The 10-year gilt yield rose to 5.048%. Societe Generale strategists cited 2027 budget negotiations, geopolitical uncertainty, and growing sovereign debt as key risks. Long-dated Treasurys stay vulnerable as investors question whether increased buybacks address the $40 trillion U.S. debt and structural deficits. CIFC Asset Management's Natalia Lojevsky noted buybacks "do not retire debt." Impax Asset Management's Ross Pamphilon highlighted deficits, term premium, and heavy corporate supply as yield drivers.