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Treasury yields drift lower to start the week

U.S. Treasury yields drifted lower on Monday morning, with little economic data due out at the start of the week.

The yield on the benchmark 10-year Treasury note fell to 1.617% at 3:50 a.m. ET. The yield on the 30-year Treasury bond dipped to 2.315%. Yields move inversely to prices.

The April Chicago Fed National Activity index, which tracks overall economic activity and related inflationary pressures, is due out at 8:30 a.m. ET.

Federal Reserve Governor Lael Brainard is set to make a speech on digital currencies at the Consensus by CoinDesk cryptocurrency and blockchain conference at 9 a.m. ET.

However, investor focus this week will be on the April personal consumption expenditure index, as a measure of inflation, which is due out Friday. Rising inflation has been a concern for markets, with fears that it might force the Fed to tighten its easy monetary policy.

Auctions are due to be held Monday for $57 billion of 13-week bills and $54 billion of 26-week bills.

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