U.S. Treasury yields declined on Monday as investors looked ahead to a week of fresh economic data that could provide insights into the state of the economy and remarks from Federal Reserve officials.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Investors considered what could be next for the U.S. economy as they looked ahead to several key economic reports this week.
This includes May’s durable goods orders data on Tuesday, alongside several key housing sector reports throughout the week. On Friday, May’s personal consumption expenditure price index report, which is the Fed’s favored inflation gauge, is due.
Federal Reserve Chairman Jerome Powell said last week that inflation remained too high and the central bank’s battle to bring it down was far from over. Speaking before Congress, Powell indicated that further interest rates hikes were therefore likely, a point that was also echoed by various other Fed officials.