10-year Treasury yield ticks higher. Fed's Waller advocates for July cut

Longer-dated U.S. Treasury yields rose a touch on Friday, sending the benchmark 10-year note above 4.40%. The move came after Federal Reserve Governor Christopher Waller said in an interview on CNBC that inflation was softening to the point where the central bank could cut interest rates at its next meeting in July.

The 10-year yield added 2.4 basis points to trade at 4.419%, while the 30-year bond moved up 2.8 basis points to 4.924%. The 2-year note yield was little changed at 3.939%.

One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move in opposite directions.

Waller said on CNBC's “Squawk Box” Friday that he believes the Fed could cut rates as early as July. That came two days after the central bank left its borrowing rate unchanged at 4.25%-4.5% at the June meeting that wrapped up Wednesday, when its policy-setting committee anticipated that inflation may move higher and economic growth may slow.

“I think we're in the position that we could do this as early as July,” Waller said. “That would be my view, whether the committee would go along with it or not.”