The yield on the US 10-year Treasury note rose for a fourth straight session to 4.27% on Friday, after hitting a three-month low on Monday, as traders weighed changes at the Fed, fresh tariff threats, and growing expectations of another US interest rate cut. The administration announced tariffs on gold bars, reversing industry expectations of an exemption, while President Trump nominated Stephen Miran to replace Adriana Kugler on the Fed’s Board of Governors. The move has fueled concerns that the Fed could become more politicized and risk losing some of its independence. Weak economic data - including a disappointing jobs report, a soft ISM Services PMI, and elevated jobless claims - have reinforced market bets on a rate cut next month. Meanwhile, this week’s 10-year and 30-year Treasury auctions signaled waning demand for US debt. Traders now turn their attention to next week’s CPI report and other key releases for fresh insights into the health of the US economy.