"For the most part, there has been some real money buying the dip in Treasuries mainly due to month-end portfolio adjustments," said Tom di Galoma, managing director at Seaport Global Holdings. Most Treasury yield curves also steepened on Friday, after flattening for the last three sessions, as weaker-than-forecast consumption and labor cost data eroded some expectation of a large interest rate increase by the Fed of half a percentage point in March. But the core personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, rose 4.9% year-on-year, the biggest increase in 39 years.