Following the modest pullback seen in the previous session, treasuries showed a strong move back to the upside during trading on Friday.
Bond prices moved notably higher early in the day and remained firmly positive throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.9 basis points to 3.077 percent.
The strength among treasuries came as traders looked for safe havens amid an early sell-off on Wall Street, with stocks extending a recent see-saw performance following the substantial rebound seen on Thursday.
Meanwhile, traders largely shrugged off a report from the Commerce Department showing stronger than expected U.S. economic growth in the third quarter.
The Commerce Department said real gross domestic product advanced by 3.5 percent in the third quarter after surging up by 4.2 percent in the second quarter. Economists had expected GDP growth to slow to 3.3 percent.
The slowdown in the pace of growth in the third quarter came after the jump in the second quarter represented the fastest growth since a 4.9 percent spike in the third quarter of 2014.
On the inflation front, the Commerce Department said its reading on core consumer prices, which exclude food and energy prices, showed price growth slowed to 1.6 percent in the third quarter from 2.1 percent in the second quarter.
“Another decent growth number will be welcome news for President Trump, but for markets, the bigger question is where the economy goes next,” said ING economists James Smith and Jonas Goltermann.
Smith and Goltermann added, “We see no reason to expect an imminent correction, although growth may begin to ease in 2019 as higher rates bite and fiscal tailwinds fade.”
A separate report from the University of Michigan showed consumer sentiment deteriorated by slightly more than initially estimated in the month of October.
The report said the consumer sentiment index for October was downwardly revised to 98.6 from the preliminary reading of 99.0.
Economists had expected the consumer sentiment index to be unrevised at 99.0, which was still down from 100.1 in September.
Economic data may attract attention next week, with the Labor Department scheduled to release its closely watched monthly jobs report next Friday.
Traders are also likely to keep an eye on reports on personal income and spending, consumer confidence, labor productivity and costs, manufacturing activity, and international trade.