TREASURIES-Bond prices flat; mixed U.S. data spurs Fed uncertainty

* U.S. Q4 GDP revised lower to 2.2 pct

* U.S. Chicago PMI weaker-than-expected

* U.S. consumer sentiment beats expectations

* Traders eye next week's U.S. employment data

By Sam Forgione

NEW YORK, Feb 27 (Reuters) - U.S. Treasuries prices were mostly flat on Friday after mixed U.S. economic data created uncertainty over the Federal Reserve's timeline for hiking interest rates.

The Chicago Purchasing Management index, a measure of Midwest manufacturing activity, was 45.8 in February. That marked a drop from the prior reading of 59.4 and was far weaker than expectations for a 58 reading, according to a Reuters poll of economists.

In addition, U.S. fourth-quarter gross domestic product braked more sharply than initially thought, expanding at a 2.2 percent annual pace. That marked a downward revision from the 2.6 percent pace estimated last month, the Commerce Department said.

While those weaker data prints initially spurred gains in bond prices, stronger-than-expected U.S. consumer sentiment data threw cold water on the gains and left Treasuries prices roughly unchanged.

The University of Michigan's final February reading on the overall index on consumer sentiment was 95.4, higher than the initial reading of 93.6 and the market forecast for a reading of 94.0.

Traders focused on the stronger detail even as February's final sentiment index was lower than January's final reading of 98.1, falling from an 11-year high.

"We're just back and forth," said Ellis Phifer, market strategist at Raymond James in Memphis, Tennessee. "The data is extremely mixed at this point, so we're looking for something to give us a little direction at this point about the economy."

Traders will be looking closely at U.S. nonfarm payrolls for February, to be released next Friday, for direction on the Fed's path after investors interpreted testimony from Fed Chair Janet Yellen this week as giving the Fed more flexibility to hike rates later than mid-year.

"The Treasury market has become extremely responsive to economic data," said Robbert Van Batenburg, director of market strategy at Newedge in New York.

U.S. 30-year Treasuries prices were last down 2/32 to yield 2.61 percent, roughly unchanged from late Thursday's yield. Benchmark 10-year Treasury notes were last up 1/32 to yield 2.01 percent, also roughly unchanged from late Thursday's yield.

U.S. three-year Treasury notes were last up 2/32 in price to yield 1 percent, from a yield of 1.03 percent late Thursday.

(Reporting by Sam Forgione)