U.S. Treasury yields moved higher during Friday's session, with the 10-Year yield rising above 4.23% and the 30-Year yield reaching 4.80%. Despite the upward movement, the broader market remains characterized by rangebound trading that has persisted since early December. Volatility has touched multi-year lows, with the CME 10-Year CVOL Index reaching its lowest level since 2021. The yield curve showed signs of steepening as the 10-Year and 30-Year yields increased while short-term yields remained stable, leading the 2-10 spread to expand to 63 basis points. Global demand remains a key factor as overseas holdings of U.S. Treasuries climbed to record levels. While China reduced its holdings by 6.1 billion, significant increases from Belgium and Japan helped offset the decline. Market participants are now looking ahead to next week's PCE and GDP data for further direction.