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Treasuries Pull Back Off Best Levels But Close In Positive Territory

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After ending the previous session modestly higher, treasuries saw some further upside during the trading day on Monday.

Bond prices gave back ground after an early rally but still closed in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 8 basis points to 2.826 percent after hitting a low of 2.760 percent.

With the decrease on the day, the ten-year yield continued to give back ground after ending last Thursday’s trading at its highest closing level since December 2018.

Treasuries initially benefited from their appeal as a safe haven amid weakness in the global stock markets.

Buying interest waned over the course of the session, however, as stocks on Wall Street showed a notable turnaround after seeing an initial sell-off.

Trading activity remained somewhat subdued, with a lack of major U.S. economic data keeping some traders on the sidelines.

Reports on durable goods orders, consumer confidence, new home sales, first quarter GDP and personal income and spending are likely to attract attention in the coming days.

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