Bond prices rose sending the benchmark yield on government data lower by five basis points to 5.52%.

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Bond prices rose Friday, dropping the yield on the 10-year Treasury to 3.56% from Thursday's close of 3.62%.

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Bond prices and interest rates are inversely related, meaning that as yields fell over the past three decades, bond prices rose.

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Benefiting from both aspects, government bond prices rose, with the yield on the benchmark 10-year U.S. Treasury note sliding to 3.72%, from 3.82% late Thursday.

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As rates fell, bond prices rose.

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Bond prices also rose on the prospect of lower rates, with the yield on the ten-year Treasury dipping to 4.99% from 5.04%.

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Plus, although the environment was one in which rates were declining overall, keep in mind that there were 239 weeks when rates in the Barclays Municipal Bond Index rose and prices fell (36%) versus 431 weeks where rates declined and prices rose (64%) during that period.

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Morgan Asia Credit Index, which tracks government- and corporate-bond prices in the region, rose 14% this year.

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Yields on the benchmark U.S. 10-year Treasury bond rose to 1.842% as prices fell.

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The yield on the benchmark 10-year U.S. Treasury bond rose to settle at 1.993% as prices fell.

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For example, the 10-year Treasury bond yield rose 2 basis points to 2.01% yesterday, indicating falling prices on lower demand.

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