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U.S. government bond yields regained ground Friday, bouncing off multimonth lows following four sessions of declines. 

The yield on the benchmark 10-year U.S. Treasury note notched its largest one-day climb in more than three weeks, settling at 1.354% compared with 1.287% on Thursday.  

Yields, which fall when bond prices rise, have been trending lower for months, dragged down by investors re-evaluating their more optimistic economic forecasts. Helping drive that reassessment: reduced expectations for monetary stimulus and government spending, a run of underwhelming economic data and the spread of the Delta variant of Covid-19. 

The Treasury rally has wrong-footed many on Wall Street, forcing some investors to buy bonds to close out wagers on rising yields. That in turn has helped yields fall even further.

On Friday, yields rose early in the session and then continued higher in choppy trading, snapping a four-session streak of declines. Some analysts and investors said that the market was due for a pause after sharp drops in recent sessions and expect that yields will continue to rebound as the economy recovers.

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