Bonds drifted lower throughout the session without finding a floor. UMBS 5.0 closed at 97.41, down 72 basis points from Thursday's close of 98.13, and the 30-year surveyed rate settled at 6.65% — up 13 basis points on the day.

The arc was a slow bleed from open to close. Bonds started the morning at 97.52 on the back of a sharp risk-on rotation tied to U.S.-China trade talks. From there they drifted to 97.42 by midday and gave up another tick into the close. With no economic data on the calendar for Friday, there was nothing to interrupt the momentum. The 10-year Treasury closed at 4.592%, up 10.7 basis points and holding near the highest yield level in over a year. Hot April CPI data earlier this week set the floor; trade-policy optimism did the rest.

For borrowers, this week was a two-front loss. Rate sheets that opened Monday around 6.55–6.60% are closing Friday at 6.65%+, and anyone who floated through the week absorbed every point of that move. The next real catalyst is the FOMC meeting later this month. Until then, the path of least resistance for rates stays higher.