Treasurys fell with 10-year note yields climbing to the highest level in five weeks as the economy begins to show signs of improvement.

Benchmark yields were set for their biggest weekly increase in two months.

"Treasuries remain cheaper because of the risk-on sentiment," said Jim Vogel, head of agency-debt research at FTN Financial. "All the rate cuts are supposed to suppress volatility. The move is so tied to central bank policy that it is supposed to be low."