Treasuries showed a strong move to the upside during trading on Friday, extending the upward move seen in the previous session.
Bond prices moved higher early in the session and climbed steadily as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 7.8 basis points to 2.857 percent.
The strength among treasuries came amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson.
The Turkish lira has shown a sharp decline to a record low, contributing to considerable weakness in the overseas markets.
In response, Turkish President Recep Erdogan has urged Turks to sell dollars and gold and buy the lira.
"There are various campaigns being carried out. Don't heed them," Erdogan said. "Don't forget, if they have their dollars, we have our people, our God."
President Donald Trump subsequently announced that he has authorized the doubling of steel and aluminum tariffs on Turkey.
"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!" Trump said in a post on Twitter.
The president added, "Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!"
In U.S. economic news, the Labor Department released a report showing a modest increase in consumer prices in the month of July.
The Labor Department said its consumer price index rose by 0.2 percent in July after inching up by 0.1 percent in June. The increase in prices matched economist estimates.
Excluding food and energy prices, the core consumer price index also edged up by 0.2 percent in July, matching the increases seen in the two previous months as well as expectations.
Next week's trading may be impacted by reaction to reports on import and export prices, retail sales, industrial production, housing starts, and consumer sentiment.