The price of the benchmark 10-year Treasury note fell 17/32 point, or $5.31 per $1,000 in face value. Its yield, which moves in the opposite direction, rose to 5.15 percent compared with 5.07 percent late Thursday.

The 30-year Treasury bond fell 23/32 point to yield 5.51 percent, up from 5.44 percent a day earlier, according to Bridge Telerate news service.

Treasuries had rallied after the Federal Reserve cut interest rates Wednesday, but with its next meeting not scheduled until March 20, hopes were fading that the Fed would make another dramatic move before then to cut rates, as it did in the early days of this year.

In other trading, short-term Treasury securities fell between 3/16 point to 7/32 point, while intermediate maturities fell between 13/32 point and 7/16 point.

Yields on three-month Treasury bills were 5.04 percent as the discount rose 0.06 percentage point to 4.92 percent. Six-month yields were 4.89 percent, as the discount rose 0.07 percentage point to 4.72 percent. One-year yields were 4.68 percent as the discount roseby 0.11 percentage point from late Thursday to 4.49 percent.

Yields are the interest bonds pay by maturity, while the discount is the interest at which they are sold.

The federal funds rate, the interest on overnight loans between banks, fell to 5.50 percent from 5.63 percent late Thursday.

In the tax-exempt market, the Bond Buyer index of 40 actively traded municipal bonds fell 3/32 to 104 3/32. The average yield to maturity was unchanged at 5.39 percent.