Treasury yields decline ahead of a big week of economic data

This comes as markets continue to try to gauge when the Federal Reserve will begin cutting interest rates, which will be a key determinant of the course of the economy and markets this year.

There are two important pieces of economic data coming out this week, with the preliminary fourth-quarter GDP growth figure released on Thursday and the Commerce Department's closely watched Personal Consumption Expenditures price index for December released on Friday.

Economists surveyed by Dow Jones expect the economy to grow by 1.7% for the last three months of 2023, the slowest rate since the 0.6% decline recorded in the second quarter of 2022.

The consensus forecast for core PCE prices, which exclude volatile food and energy components, is for growth of 0.2% for the month and 3% for the full year.

Chicago Fed President Austan Goolsbee told CNBC on Friday that investors should monitor this data point when trying to chart the Fed's interest rate path.

Auctions are scheduled for Monday for $77 billion of 13-week Treasuries and $70 billion of 26-week Treasuries.