US Treasuries fell for a fifth day as demand for long-term government debt across the globe wanes amid a flurry of bond auctions this week.

After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.

The Federal Reserve's preferred measure of inflation moved further from its 2% target, underscoring the central bank's reluctance to cut rates.

Consumer spending and exports fell slightly in the latest estimate, leading to a downward revision. Imports, which dragged down overall output during the first three months of the year, also came in smaller.

Some allies of the president have pushed for Treasury Secretary Scott Bessent to get the job, according to people familiar with the matter, a notion that a senior administration official disputed.

Renewed expectations that the Federal Reserve could start cutting interest rates as soon as next month supported gains in the bond market.

Federal Reserve Chair Jerome Powell said the changes could touch the central bank's quarterly economic forecasts. He also discussed downsizing at the Fed and his tenure on the board of governors.

The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency are focusing on what's known as the enhanced supplementary leverage ratio.

None of the economists surveyed by Wolters Kluwer predict the Fed will cut rates at this week's meeting, few expect one in July and 41% said after September.

Gundlach said investors should consider increasing their non-dollar-based holdings, adding that his firm was starting to introduce foreign currencies into its funds.

The government measure of inflation for May ticked up modestly, adding to the signals that the Federal Reserve is unlikely to move on interest rates when it meets next month.

Michelle Bowman has officially taken the reins as the Federal Reserve's top regulatory official, giving her the ability to advance policy proposals.

A quieter day for economic data Monday is shifting attention to US and China trade talks in London, and events later this week, including consumer inflation on Wednesday.

The U.S. economy added 139,000 jobs, a healthy clip that counters the president's calls for a rate cut to bolster the labor market.

The Federal Reserve's preferred measure of inflation moved closer to the 2% target last month, but the impact of tariffs remains to be seen.

The Federal Reserve chair said he made no commitments on the central bank's next monetary policy adjustment, only that the decision would be made based on incoming data.

Federal Reserve Gov. Michael Barr said tariffs could have an outsize impact on small businesses and hardships could outlive the trade policy debate.

Focus is now on Tuesday's inflation data for any signs of a pickup in price pressures. The report will be the first to show tariff-related costs.

Powell said as policymakers look for more clarity on tariff policies, the risks of higher inflation and unemployment have increased due to President Donald Trump's sweeping levies.

The declines on Thursday pushed two- to 10-year yields higher by at least 10 basis points on the day after President Donald Trump urged people to buy stocks based on the latest trade developments.