NEW YORK (CNN/Money) - Treasury prices fell for the second straight session Friday after speeches by two regional Fed presidents fueled fears of inflation.

The dollar rose near recent multi-month peaks against the euro and yen.

The benchmark 10-year note fell 4/32 of a point to 96, yielding 4.50 percent, up from 4.47 late Thursday, while the 30-year bond lost 2/32 of a point to 108-12/32 to yield 4.80 percent, up from late Thursday's 4.78. Bond prices and yields move in opposite directions.

In shorter-dated debt, the five-year note fell 3/32 of a point to yield 4.15 percent, while the two-year edged down one tick to yield 3.75 percent.

Philadelphia Fed President Anthony Santomero turned the focus back to inflation fears after a few days of relative calm.

Speaking at a luncheon in Washington, Santomero said the U.S. central bank needed to remain vigilant on the inflation front.

St. Louis Federal Reserve President William Poole also noted that energy costs and renewed company pricing power pushed up the danger of faster inflation.

"Santomero did enough to boost long bonds, which are sensitive to inflation fears," a trader at a U.S. investment bank in London told Reuters. "In the two-10-year part of the yield curve, we are just rangebound because there is no data or much direction."

Inflation hurts bonds as it erodes the value of the fixed-income investment. However, rising interest rates generally help the dollar as they make dollar-denominated securities more attractive to foreign investors.

In currency trading, the dollar rose Friday against the euro and yen, supported by the comments from Federal Reserve officials that interest rates may need to rise more aggressively.

The euro bought $1.2817, down from $1.2851 late Thursday, while the dollar bought ¥108.83, up from ¥108.66 in the previous session.

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