US Treasury yields were mixed on Friday as investors continued to seek clues about the future path of monetary policy. The benchmark 10-year Treasury yield held steady at 4.951%, while the 2-year yield rose nearly 2 basis points to 4.707%. Meanwhile, the 30-year yield slipped 1 basis point to 5.286%. A basis point is equivalent to 0.01%, and it's important to note that bond yields and prices move in opposite directions.

Here's how other Treasury maturities fared during the session: The 10-year note stood at 4.959%, up 0.01 basis points. The 1-month bill was at 3.897%, up 0.01 bps. The 1-year note was at 4.392%, up 0.015 bps. The 2-year note was at 4.711%, up 0.021 bps. The 30-year bond was at 5.297%, up 0.001 bps. The 3-month bill was at 4.077%, up 0.009 bps. The 6-month bill was at 4.248%, up 0.006 bps.

Where to begin with this week's market drivers? The Federal Reserve concluded its Federal Open Market Committee (FOMC) meeting on Wednesday, delivering its first interest rate hike in three years. Market participants are now parsing the central bank's communications to gauge the trajectory of future policy. The Fed signaled that further tightening of monetary policy is possible, and Chairman Kevin Warsh stated during a press conference that inflation has been "too high for too long." Additionally, the dot plot indicated that a majority of Fed officials anticipate at least one more rate increase in the coming months.

Why focus on just these key yield levels? Earlier in the week, the 10-year yield touched 5.041%, its highest level since 2007. However, following the rate hike announcement, yields across the entire curve retreated. Looking ahead, the US industrial production data for August is scheduled for release on Friday. Later in the day, the Fed's Vice Chair for Supervision, Michelle Bowman, is set to participate in a panel discussion in London.