On Friday morning, bond yields were largely unchanged as investors digested the latest round of U.S. Treasury auctions, while President Donald Trump pledged not to launch a military strike on Iran before the midterm elections.

The 10-year Treasury yield, the key benchmark for pricing mortgages, auto loans and credit card debt, was last at 5.2399%, essentially flat. The 30-year long bond yield, which is more sensitive to geopolitical events, also held steady at 5.6150%. The 2-year Treasury yield, which is more closely tied to the Federal Reserve's short-term rate decisions, rose more than 2 basis points to 4.7827%. Note: 1 basis point equals 0.01%; bond yields and bond prices move in opposite directions.

Quote snapshot: 10-year Treasury: 5.242%, +0.009; 1-month Treasury: 4.038%, +0.005; 1-year Treasury: 4.448%, +0.02; 2-year Treasury: 4.781%, +0.025; 30-year Treasury: 5.617%, +0.01; 3-month Treasury: 4.17%, +0.019; 6-month Treasury: 4.33%, +0.02.

These moves in the Treasury market followed the prior trading session; earlier in the week, Treasury yields briefly touched their highest levels since 2002.

Trump said on Thursday that the United States would not carry out any military strike on Iran before next month's midterm elections. With public support for a war with Iran clearly waning, Trump's tone has softened toward diplomacy. Energy prices had risen sharply since the conflict broke out on Feb. 28; oil prices pulled back after Trump's remarks. New York WTI crude was last down 0.79% at $90.77 a barrel, while international benchmark Brent crude fell 0.99% to $103.25 a barrel.

Earlier, Federal Reserve Governor Christopher Waller said stubbornly high inflation has exceeded the Fed's 2% target for five consecutive years and that further rate hikes may be needed to curb it. But speaking at a central bank forum in Istanbul, Turkey, he also said it was not necessarily necessary to start raising rates immediately.

On Thursday, the U.S. Treasury completed the auction of $22 billion in 30-year government bonds. Indirect bidders, including central banks, took more than 72%, above the 68% average of the past ten auctions. On Wednesday, the Treasury also issued $39 billion in 10-year notes. No major economic data are due for release on Friday.