Treasurys were steady on Friday, pausing a week-long rally, as investors remained focused on next week's highly anticipated European Central Bank meeting.
Comments by ECB President Mario Draghi last Friday were interpreted by some market participants as indicating that the central bank had changed forecasts on inflation lower, and that it may be more likely to embark on new quantitative easing to stave off a decline.
That has helped German goverment bond yields plunge to record lows, pulling Treasurys yields also lower with them.
But others say that such a move by the ECB is unlikely and market gauges that central banks watch, such as five-year, five-year forward breakeven inflation rates, still indicate inflation to be near the central bank's 2 percent target in the future.
Treasurys are likely to continue following European bonds next week, with a risk that disappointment after the ECB meeting could send yields higher.