NEW YORK: US Treasury yields rose on Friday as risk appetite increased and demand for safe haven bonds eased, after a report that China will speed up purchases of US farm goods.

Bloomberg News reported that China will accelerate purchases to comply with the Phase One trade deal with the United States.

"News of the nice tone to the US-China trade relations, and whatever else contributed to the 'risk on' tone is affecting Treasuries negatively, so you're seeing the curve steepen from a selloff led by the back end of the curve," said Michael Lorizio, senior fixed income trader at Manulife Asset Management in Boston.

Benchmark 10-year note yields rose four basis points to 0.730pc. Thirty-year yields were up five basis points to 1.514pc.

The yield curve between two-year and 10-year notes steepened two basis points to 53 basis points.

Investors are weighing improving economic data against new breakouts of COVID-19 infections, which have added to concerns that the economy may not bounce back from business shutdowns as quickly as hoped.

California, North Carolina and a string of US cities mandated or urged mandatory mask use on Thursday to get a grip on spiraling coronavirus cases as at least six states set daily records.

Mainland China reported 32 new coronavirus cases as of the end of June 18, twenty-five of which were reported in the capital city Beijing, China's National Health Commission said on Friday.

Federal Reserve Chair Jerome Powell will speak on Friday in a virtual discussion about workforce resilience during the COVID-19 era.

The US central bank earlier this month signaled it plans years of extraordinary support for the economy, with policymakers projecting the economy to shrink 6.5pc in 2020 and the unemployment rate to be 9.3pc at year's end.