U.S. Treasury yields were under pressure on Monday morning, with the focus on inflation data due out later in the week.
The yield on the benchmark 10-year Treasury note fell to 1.563% shortly after 10 a.m. ET, giving back much of its gain from Friday. The yield on the 30-year Treasury bond was little changed at 2.276%. Yields move inversely to prices.
Yields continued to rebound from two-month lows on Friday, following a far-weaker-than-expected jobs report. U.S. employers added 266,000 net payrolls in April, well below the 1 million additions forecast from economists polled by Dow Jones.
A far-weaker-than-expected April jobs report, which showed that U.S. employers added 266,000 net payrolls last month also spurred expectations that interest rates would stay lower for longer. Economists polled by Dow Jones had expected 1 million additions.
On the equity side, the S&P 500 was little changed on Monday, but weakness in the tech sector dragged down the Nasdaq Composite by more than 1%.
There are no major economic data releases scheduled on Monday, though investor focus this week will likely be turning to March job openings data out tomorrow and inflation data, due out on Wednesday.
Auctions are due to be held Monday for 13-week and 26-week bills. The amount for the auctions isn’t immediately available.
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