As investors continued to process minutes from Friday’s Fed meeting, the 10-year interest rate reached a new three-year peak.

The benchmark yield 10-year Treasury noteOn Friday, the yield hit 2.7%. The 2-year rose 6 basis points at 2.52%. On the yield, 30-year Treasury bondThe 5-year rate fell 1 basis point, to 2.6735%. However, it rose 2 basis points to 2.71811%. Yields change in the opposite direction to price changes, so 1 basis point is equivalent to 0.01

As investors continued to process minutes from Thursday’s Fed meeting, the 10-year yield hit an all-time high of 2.667% on Thursday.

Minutes published on Wednesday showed that central banks were planning to reduce its balance sheet by $95 million per month. Fed officials also indicated that they could consider one to three 50-basis point interest rate increases.

Inflation has risen and a more severe tightening of monetary policies has led to yields being inverted. Investors have begun to sell short-dated Treasury bonds in preference of longer-term government debt. It indicates that they are concerned about the economy’s near-term health and fears of a possible recession.

On Friday, the wholesale inventory numbers for February will be published at 10:00 a.m. ET.

Investors continue to follow developments in the Russia-Ukraine War.

U.S. Congress voted in favor of revoke Russia’s status as a trade partner, which would prohibit oil and gas imports. After reports of torture and rape against civilians perpetrated by Vladimir Putin’s troops, the U.S. Congress voted to revoke Russia’s trade status, effectively banning oil and gas imports.

No auctions are scheduled for Friday.

— Staff from CNBC.com contributed to the market report.