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Treasury 10-year futures contracts fell by the most in more than one week after Federal Reserve Chair Janet Yellen said Friday improvement in the U.S. economy would warrant raising interest rates in the coming months.

Ten-year Treasury futures contracts for September delivery slid 15/32, or $4.69 per $1,000 face amount, to 129 1 / 4as of 9 a.m. in New York, based on electronic trading at the Chicago Board of Trade. It was the biggest decline since May 18.

Bond traders are still reacting to Yellen’s comments because trading of bills, notes and bonds closed early in New York Friday ahead of the U.S. Memorial Day holiday, said John Gorman, the head of U.S. debt trading for Asia and the Pacific at Nomura Holdings Inc.in Tokyo. The firm is one of the 23 primary dealers that trade directly with the U.S. central bank.

Treasuries are shut worldwide Monday in observance of Memorial Day in the U.S. and the Spring Bank Holiday in the U.K., according to the Securities Industry and Financial Markets Association.

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