Yields on U.S. government debt finished higher on Friday as traders weighed the inflationary impact of possible tariffs from incoming President Donald Trump. Nonetheless, market-based rates still posted their biggest weekly declines since November,

Fed-funds futures traders inched closer to an almost 50% chance that the Federal Reserve will cut its benchmark interest rate by May, after Fed governor Christopher Waller told CNBC he sees a possibility of three to four reductions this year.

Wall Street experienced a brief pause following a surge driven by positive bank earnings. Morgan Stanley reported a significant profit rise, resulting in a 3.3% stock increase. UnitedHealth fell after missing revenue estimates.

US stock futures rose Thursday, lifted by a fresh slew of earnings releases and a revival of Federal Reserve policy-easing bets.Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyAs E-Bikes Boom in NYC,

A benign reading on inflation calmed fears about a renewal in price pressures and strong bank earnings helped the three major U.S. indexes notch their biggest one-day percentage gain since Nov. 6 on Wednesday.

Bank of America and Morgan Stanley earnings are out. Follow along for live updates on stocks, bonds and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite.

Wall Street also kept a close eye on comments from Treasury secretary nominee Scott Bessent, who said the US faces an economic crisis if the 2017 Republican tax cuts aren’t extended.