U.S. Treasury yields were unmoved Friday as investors closely monitored events in the Middle East after Israel and Lebanon agreed to a 10-day ceasefire.

The 10-year U.S. Treasury note yield — the key benchmark for U.S. government borrowing — held steady at 4.2994%.

The 2-year Treasury note yield, which tends to react in line with short-term Federal Reserve interest rate decisions, was also flat at 3.7690% in early dealmaking. Meanwhile, the longer-dated 30-year Treasury bond yield was unchanged shortly after 5:00 a.m. E.T., at 4.9244%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

Borrowing costs in the U.S. edged higher during Thursday's session, with 10-year Treasury yields rising more than 3 basis points, as bond traders digested new labor market data showing a fall in jobless claims.

Investors continue to watch developments in the Middle East and the conflict's potential impact on inflation, growth and Fed rate decisions.

Israel and Lebanon have agreed to an immediate temporary pause in hostilities following talks in Washington on Thursday. Meanwhile, President Donald Trump repeated his assertion that an end to the war in Iran is in sight as the U.S. Navy's blockade of ports in the Strait of Hormuz continues.

Oil was trading lower on Friday, with West Texas Intermediate futures for May delivery, the benchmark for U.S. crude prices, down more than 2% at $92.78.

Traders will also be noting speeches due later today from Federal Reserve board governor Christopher Waller, considered a more hawkish policymaker, and Richmond Fed president CEO Thomas Barkin, on the outlook for the U.S. economy and policy.