investors assess interest rate outlook, key data
At 5:29 a.m. ET, the yield on the 10-year Treasury was up by more than 4 basis points at 3.739%. The 2-year Treasury yield was last trading at 4.537% after rising by more than 3 basis points.
U.S. Treasurys climbed Monday as investors considered what could be next for interest rates and weighed key economic data that could affect the Federal Reserve's next policy moves.
Investors assessed what could be next for Fed interest rate policy as uncertainty about whether the central bank will pause its rate-hiking campaign when it meets later this month has spread. The Fed has been hiking rates since March 2022 with the goal of easing inflation and cooling the economy.
Recent economic data has, however, raised questions about whether rate increases so far have had the desired effect. That includes May's jobs report, which on Friday showed that payrolls increased by 339,000 during the month, far exceeding what the 190,000 economists previously surveyed by Dow Jones had expected.
Meanwhile, concerns about the U.S. defaulting on its debt obligations and causing global economic turmoil fell away as President Joe Biden signed the Fiscal Responsibility Act, which raises the debt ceiling, into law on Friday.
Fresh economic data that could provide hints about the state of the economy and the Fed's next monetary policy moves is expected this week. On Monday, May's ISM purchasing managers index report for the services sector and factory orders data are due.
Source: CNBC
