After moving notably lower over the course of the previous session, treasuries moved back to the upside during trading on Friday.
Bond prices climbed firmly into positive territory in morning trading but gave back some ground in the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.3 basis points to 2.655 percent.
The rebound by treasuries came as traders looked to the relatively safety of bonds as they waited for developments regarding the latest round of trade talks between the U.S. and China.
Treasury Secretary Steve Mnuchin later revealed that Chinese negotiators will extend their visit to Washington in an effort to build on the progress made during this week's talks.
Mnuchin told reporters a meeting between President Donald Trump and Chinese President Xi Jinping reportedly under discussion for next month may depend on the outcome of the next few days of negotiations.
Meanwhile, Trump said during a meeting with Chinese Vice Premier Liu that U.S. and Chinese officials are making "a lot of progress" in the trade talks.
Trump said there was a "very good chance" the U.S. and China could reach a long-term trade deal but at the same time said "who knows" whether a final agreement will be struck.
A report from CNBC said China has committed to buying up to $1.2 trillion worth U.S. goods, although sources said the two sides remain far apart on issues concerning the forced transfer of intellectual property.
Trump has recently suggested he could postpone an increase in tariffs set to take effect in early March if the trade talks continue to show signs of progress.
Further developments regarding the U.S.-China trade talks may impact next week's trading along with reports on housing starts, factory orders, pending home sales, fourth quarter GDP, and manufacturing activity.
Traders are also likely to keep an eye on Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee and the House Financial Services Committee.
Bond trading could also be impacted by reaction to the results of the Treasury Department's auction of two-year, five-year, and seven-year notes.
The Treasury said it plans to sell $40 billion worth of two-year notes and $41 billion worth of five-year notes next Monday and $32 billion worth of seven-year notes next Tuesday.