The 10-year U.S. Treasury yield climbed higher to start the trading week, rising above 1.6% at one point in the morning.
The yield on the benchmark 10-year Treasury note rose less than a basis point to 1.584% at 10:37 a.m. ET. The yield on the 30-year Treasury bond fell 2.8 basis points to 2.022%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The 10-year rate was on the rise on Friday, topping 1.57%, after data showed that retail sales rose by 0.7% in September, versus an expected decline of 0.2%.
Homebuilder sentiment bounced back in October despite ongoing supply chain problems, according to data released Monday. Builder confidence in the single-family home construction market rose 4 points to 80 on the National Association of Home Builders/Wells Fargo Housing Market Index. It’s still down from 85 in October 2020 and from the record high 90 in November 2020.
Auctions are scheduled to be held on Monday for $48 billion of 13-week bills and $45 billion of 26-week bills.
