After ending the previous session roughly flat, treasuries moved to the upside during the trading day on Friday.
Bond prices moved higher early in the day and remained firmly positive throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3 basis points to 1.239 percent.
The strength among treasuries was partly attributed to a reading on inflation said to be preferred by the Federal Reserve increasing by less than expected.
A report from the Commerce Department showed its reading on the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May. Economists had expected the pace of growth to accelerate to 3.7 percent.
The Commerce Department report also showed personal income inched up by 0.1 percent in June after tumbling by a revised 2.2 percent in May.
The uptick surprised economists, who had expected personal income to dip by 0.3 percent compared to the 2.0 percent slump originally reported for the previous month.
Meanwhile, the Commerce Department said personal spending jumped by 1.0 percent in June after edging down by a revised 0.1 percent in May.
Economists had expected personal spending to increase by 0.7 percent compared to the unchanged reading originally reported for the previous month.
The report also showed the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May.
Revised data released by the University of Michigan showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July.
The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised.
The monthly jobs report is likely to be in the spotlight next week, while traders will also keep an eye on reports on manufacturing and service sector activity, factory orders and the U.S. trade deficit.