The key 10-year U.S. Treasury yield edged lower on Friday following consumer spending data that showed significant jumps in personal income and spending as well as a rise in prices.

The yield on the benchmark 10-year Treasury note fell slightly slightly to 1.629% around 2 p.m. ET. The yield on the 30-year Treasury bond was little changed 2.308%. Yields move inversely to prices.

Personal income and spending rose 21.1% and 4.2%, respectively, in March, according to the Bureau of Economic Analysis, as the economic recovery continued to gain momentum amid more federal stimulus.

The PCE Price Index rose 0.5%, while the core PCE Index, which excludes food and energy, rose 0.4% in the month. Economists surveyed by Dow Jones had penciled in a 0.3% rise for the core index.

The PCE inflation metric is watched closely by the Federal Reserve, and Chairman Jerome Powell warned earlier this week it may show a transitory increase in prices. The index had climbed 0.1% and 0.2% in the two prior months this year.

Yields rose during Thursday's session following the release of strong economic data for the first quarter.

The U.S. Commerce Department said first-quarter gross domestic product rose 6.4%, versus the 6.5% expected by economists polled by Dow Jones. Many economists expect growth to gain steam in the second quarter, with Goldman Sachs economists saying Friday that they expected 10.2% growth.

Meanwhile, the Labor Department reported that 553,000 new jobless claims were filed last week, just above the 528,000 estimated by economists.

There are no auctions due to be held Friday.

— CNBC's Maggie Fitzgerald and Thomas Franck contributed to this report.