Treasury yields are extending recent gains after two Federal Reserve officials explained why they cast dissenting votes in favor of raising interest rate this week.

Yields, which rise when bond prices fall, were also pushed higher by a Reuters report that the U.S. Treasury might intervene in the currencies market to support the Japanese yen on Friday.

The yield on the 10-year U.S. Treasury note reached 4.737% in recent trading, according to Tradeweb, its highest intraday level since January 2025.

The pressure on bonds was different from what occurred on Wednesday, when investors dumped longer-term Treasurys out of concern that Federal Reserve Chairman Kevin Warsh might be reluctant to interest rates if inflation persists.

Then, yields on short-term Treasurys actually fell at the same time that longer-term yields surged, reflecting worries that the Fed would wait too long to lift rates and then have to raise them aggressively down the road. On Friday, yields climbed across maturities as investors dialed up bets on a near-term rate increase.