NEW YORK (CNNMoney.com) -- Treasury prices were mixed in Friday trade, with the 30-year note falling sharply after the Federal Reserve cut the discount rate in a surprise move.
The dollar fell against the yen and also eased versus the euro.
The 10-year note climbed 8/82, or $2.50 on a $1,000 note, to yield 4.67 percent, up from 4.6 percent late Thursday.
The 30-year note tumbled 19/32, or $5.93 on a $1,000 note, to yield 4.98 percent, up from 4.96 in the previous session. Bond prices and yields move in opposite directions.
Shorter-term debt found some bounce as the five-year gained 4/32 to yield 4.35 percent. The two-year note gained 4/32 to yield 4.18 percent.
The Fed surprised investors by cutting the discount rate 50 basis points temporarily early Friday to 5.75 percent, citing deteriorating market conditions.
The move, however, was largely symbolic as the discount rate is what the central bank charges qualified lenders - mainly banks - for temporary loans.
The central bank did not cut rates on the more closely watched Fed funds rates, which directly impacts the rates consumers pay on various types of loans, holding it steady at 5.25 percent.
In a statement, the Fed said that it took the move to "promote the restoration of orderly conditions in financial markets."
Markets have been roiled by the subprime lending crisis recently as investors worry about the scope of the credit crisis.
The dollar fell sharply against the yen as a result, trading at ¥114.35, down from ¥116.69 Wednesday, while the euro bought $1.3474, up from $1.3450.
--from staff and wire reports 
