U.S. government debt prices were mixed on Friday as investors digested another dip in oil prices and the latest consumer price inflation data.
The CPI index was unchanged in January, while economists polled by FactSet expect January CPI to fall 0.1 percent.
"Bottom line, I'm going to say for the umpteenth time that goods deflation is being completely offset by services inflation and this constant talk that we are in a global deflationary spiral is nonsense," Peter Boockvar, chief market analyst at The Lindsey Group, said in a note.
"And I promise, at some point commodities will stop going down and will actually go up again. When this will occur we'll see but if it happens while services inflation continues on this trend, the Fed will have a stagflationary type problem again."
The yield on the benchmark 10-year Treasury note rose to 1.759 percent, while the yield on the 30-year Treasury bond was higher at 2.618 percent. Two-year note yields gained to trade at 0.738 percent.
The spread between the two-year and 10-year yields, meanwhile, touched roughly 1 percent, its tightest in a week.
U.S. oil settled higher on Thursday, but well off its session highs, as investors digested a build of 2.1 million barrels. WTI had risen more than 3 percent at session highs on Thursday.
Baker Hughes data also showed that U.S. oil rigs fell by 26 this week.
—CNBC's Patti Domm contributed to this report