The yield on the US 10-year Treasury note held near 4.94% on Friday after falling almost 10 basis points in the previous session, retreating from a 19-year high. Lower oil prices reduced inflation concerns as Saudi Arabia took steps to resume flows through its East-West pipeline, while President Donald Trump is expected to meet Gulf leaders next week. Markets continued to assess the Federal Reserve’s policy outlook after it raised interest rates by 25 basis points this week, its first increase in three years. The central bank indicated that further tightening could come later this year to address persistent price pressures, while Chair Kevin Warsh said inflation remains elevated. The Bank of Japan is also expected to raise rates, while the Bank of England left borrowing costs unchanged on Thursday and warned that a prolonged Middle East conflict could eventually lead to further tightening.