At around 7:42 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.52%, while the yield on the 30-year Treasury bond was also higher at around 1.983%.
Market focus is largely attuned to global trade developments, after China's commerce ministry said Thursday that it was opposed to escalating trade tensions with Washington.
Trade tensions have dominated market sentiment for much of this year, with wild swings in global markets as rhetoric between world's two largest economies fluctuates from conciliatory to combative.
On Wednesday, the rate on the benchmark 30-year Treasury bond sank to an all-time low, while the U.S. yield curve inverted even further.
The move extended losses from earlier in the week, when the spread between the 10-year rate and the 2-year yield — seen by many as an important recession prognosticator — registered its lowest level since 2007.
On the data front, personal income figures for July will be released at around 8:30 a.m. ET. Consumer spending for July and the latest monthly and annualized core personal consumption expenditures (PCE) index will be released at the same time.
Chicago PMI (Purchasing Managers' Index) and consumer sentiment data for August will follow slightly later in the session.
There are no major Treasury bond auctions scheduled on Friday.