By Min Zeng 

Treasury bonds edged higher on Friday as the biggest two-day selloff in more than a year attracted fresh buyers.

In recent trading, the yield on the benchmark 10-year note was 2.193%, down from 2.204% a day earlier, according to Tradeweb.

When bond yields fall, their prices rise.

The stabilization of the bond market suggests buyers expect bond yields will stay low amid uncertain global growth outlook.

"I don't think the opinion of the entrenched buyers has changed much; they still believe rates will stay low for a long, long time," said Thomas Roth, executive director in the U.S. government bond trading group at Mitsubishi UFJ Securities (USA) Inc. in New York.

Treasury bond prices have rallied in 2014, pushing the 10-year note's yield down from 3% at the start of January, even as the U.S. economy had strengthened and the Fed ended its monthly bond purchases.

Demand for U.S. government securities has climbed due to weaker growth overseas, tumbling oil prices and market stress in some emerging-market countries.

In addition, the U.S. government bond market has offered more attractive yields compared with government bonds in Germany, Japan, the U.K., France and Canada. A rising dollar driven by the prospect of higher interest rates from the Fed has enabled foreign buyers to pick up extra returns.

Mr. Roth said among buyers Friday were investors from Asia who see U.S. bonds offering more value than government bonds in Japan and Germany.

The yield on the 10-year German government bond was 0.595% Friday, and the yield on the 10-year Japanese government bond was 0.35%.

Treasury securities overall have posted a total return, reflecting price appreciation and interest payments, of 4.8% this year through Thursday, beating 1.5% on U.S. junk bonds, or bonds sold by lower-rated companies, according to Barclays PLC.

The bond market had taken a beating in the past two sessions as investors cashed out chips.

The Federal Reserve's stance of being patient in raising interest rates cheered up global stocks, sparking a big two-day rally in U.S. stocks. Russia's currency market turmoil also subsided--the ruble has rebounded after plunging to a record low versus the dollar on Tuesday.

With U.S. bond yields falling sharply this year, some investors have cashed out chips to lock in this year's returns, and the selling had contributed to the recent selloff, traders said.

James Combias, head of U.S. Treasury trading at Mizuho Securities USA Inc. in New York, expects the 10-year note's yield to trade between 2% and 2.3% through the end of the year.

Traders expect trading volume in the bond market to decline during the last two weeks of December--known as the winter holiday trading period with many investors and traders taking times off--and the lower liquidity may exaggerate bond price swings.

Write to Min Zeng at min.zeng@wsj.com