The yield on 10-year Treasury notes decreases, marking a continuation of the retreat from the 14-month high.

On Friday, the Treasury yields decreased, moving away from their recent peaks, as investors evaluated the U.S. inflation prospects.

At 7:09 a.m. ET, the 10-year Treasury yield dropped more than 2 basis points to 4.584%, while the 2-year Treasury yield decreased around 1 basis point to 4.23%. Yields and prices have an inverse relationship, with one basis point equal to 0.01%.

On Wednesday, the 10-year and 2-year Treasury yields fell by 13 and 10 basis points, respectively, after earlier this week, the benchmark yield reached its highest level in 14 months.

After the publication of December's consumer price index, the core inflation rate decreased to 3.2% from the forecasted 3.3% by economists polled by Dow Jones. Additionally, the monthly growth of core inflation, excluding food and energy prices, was lower than anticipated at 0.2%.

On a monthly basis, headline inflation rose by 0.4%, while on an annual basis, it increased by 2.9%.

If inflation continues to ease, Federal Reserve Governor Christopher Waller stated on CNBC on Thursday that the central bank may lower interest rates multiple times this year.

If the data on inflation remains positive or stays on course, then I believe rate cuts will occur sooner than the markets anticipate, according to Waller in an interview with Sara Eisen on "Squawk on the Street."

On Friday, investors will receive economic data, including December's housing starts and building permit data, which will reveal the number of new residential construction projects.