U.S. Treasury yields rose Friday as investors reacted to the Federal Reserve's latest meeting minutes and the latest inflation data.
The Commerce Department reported the personal consumption expenditures price index, excluding food and energy, increased 0.6% for the month, and 4.7% from a year ago. Wall Street had been expecting respective readings of 0.5% and 4.4%.
The PCE price index is the Fed's preferred measure of inflation.
Consumer sentiment numbers also came in stronger than expected. The University of Michigan's consumer sentiment index came in at 67 for February, slightly outpacing a Dow Jones forecast of 66.4.
Market participants are concerned about the pace of future hikes against a backdrop of contradictory economic signals, with inflation remaining high but the U.S. consumer proving surprisingly resilient.
January's personal income and consumer spending figures are due before the bell, with a Dow Jones consensus forecast anticipating a 1.2% rise in personal income and 1.4% increase in consumer spending.