U.S. government debt prices fell on Friday as a speech from a key Federal Reserve official sparked concerns the central bank may raise rates sooner rather than later.
Boston Fed President Eric Rosengren said in a speech low interest rates are increasing the chance of overheating the U.S. economy. Gradually tightening monetary policy is appropriate to maintaining full employment, he added.
"This is important because here we have is a voting member, a dove and someone that is calling for a rate hike even after the recent string of weak economic data," said Peter Boockvar, chief market analyst at The Lindsey Group.
The yield on the benchmark 10-year Treasury note sat higher at 1.6723 percent, while the yield on the 30-year Treasury bond was also higher, at 2.3943 percent. The yields on the 5-year and 2-year Treasury notes were also higher.