* Not-so-grim GDP data encourages profit-taking

(Adds details, quote, latest prices)

NEW YORK (Reuters) - U.S. Treasuries prices fell
Friday on profit-taking from recent rallies, the selling
triggered by Federal Reserve Chairman Ben Bernanke's widely
anticipated speech, which signaled no imminent bond buying by
the central bank.

Although Bernanke did mention such purchases as a
possibility, investors found nothing in his comments to
indicate the Fed had any immediate plans to stimulate the
slowing economy through an expansion of its bond buying.

For a bond market driven to rich levels after a recent
rally, this was an important nuance that rekindled a sell-off
already underway after data earlier Friday showed growth was
not quite as bad as expected in the second quarter.

Although the Fed did say on Aug. 10 it would use cash from
maturing mortgage bonds it holds to buy more government debt,
the market was gearing up for even more quantitative easing due
to a poor run of economic indicators in recent weeks.

"We were expecting a little more in terms of details about
how close we are to the next round of quantitative easing and
we didn't really get that. They just said they are prepared to
do it if needed," said Rick Klingman, managing director of
Treasury trading at BNP Paribas in New York.

"We've got people who have been long with a lot of profits
in their trades and they're just lightening up. There's nothing
here that says they're not going to do it; it just sounds like
it's not imminent."

The benchmark 10-year note was last down 28/32
in price, yielding 2.58 percent versus Thursday's close of 2.48
percent.

The 30-year long bond was down 1-29/32 in
price, yielding 3.61 percent versus Thursday's close of 3.51
percent.
(Reporting by Burton Frierson; Editing by Dan Grebler)