The decline in yields is likely temporary as the Federal Reserve prepares to hike interest rates several times this year, starting with the March meeting, to control surging inflation. "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 expectations of a half percentage point Fed interest rate increase in March.