Longer-dated US Treasury prices eased on Friday in lackluster trade as the absence of major economic data left the market stuck in a narrow range.
Yields were sharply lower on the week after benign inflation data and reassurances from Federal Reserve Chairman Alan Greenspan prompted investors to curb their expectations of aggressive interest rate hikes.
"People are suspecting the Fed will be less aggressive than the market had priced in," said one trader at a US primary dealer.
The benchmark 10-year yield managed to break its low for the week in early trade.
Yet as bulls failed to push the market higher, the tide turned on them, sending yields back up again.
By the afternoon, the 10-year note had lost 7/32 in price, lifting yields to 4.71 percent from 4.69 percent late on Thursday.
The 30-year bond fell 12/32, taking its yield to 5.38 percent from 5.35 percent.
Five-year notes slipped 3/32, leaving yields at 3.94 percent from 3.91 percent.
Two-year notes were flat for a yield of 2.78 percent. At the start of the week, short-term yields stood at 2.96 percent.
Benchmark yields plunged 19 basis points on Tuesday, their biggest one-day drop since late 2001, after a core inflation reading below expectations quashed speculation the Fed would have to raise rates in a hurry.
"The markets concluded that, for now, a measured pace of tightening will prevail," said Ram Bhagavatula, chief economist at Royal Bank of Scotland.
The only data of note on Friday was the US current account for the first quarter, which showed the country running a record deficit of $144.88 billion.
That amounts to a hefty 5.0 percent of GDP and could become a problem should foreigners refuse to finance it.
The data had little impact on bonds, though it did send the US dollar tumbling.