After moving sharply higher over the past few sessions, treasuries showed a notable move back to the downside during trading on Friday.
Bond prices came under pressure early in the session and remained firmly negative throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 11.8 basis points to 2.935 percent.
The rebound by the ten-year yield came after it tumbled by 30.6 basis points over the three previous sessions after reaching a three-year intraday high of 3.167 percent on Monday.
Treasuries gave back ground as traders cashed on in some of the recent strength in the markets amid a significant rebound on Wall Street.
On the U.S. economic front, the University of Michigan released a report showing consumer sentiment has deteriorated by much more than expected in the month of May.
The report showed the consumer sentiment index tumbled to 59.1 in May from 65.2 in April. Economists had expected the index to edge down to 64.0.
With the much bigger than expected decrease, the consumer sentiment index slumped to its lowest level since hitting 55.8 in August of 2011.
A separate report released by the Labor Department showed imports prices were unexpectedly unchanged in the month of April.
The Labor Department said import prices came in flat in April after surging by an upwardly revised 2.9 percent in March.
Economists had expected import prices to climb by 0.6 percent compared to the 2.6 percent jump originally reported for the previous month.
The report also showed the annual rate of growth in imports prices slowed to 12.0 percent in April from an upwardly revised 13.0 percent in March.
Economic data is likely to attract attention next week, with traders reacting to reports on retail sales, industrial production, housing starts and existing home sales.