US Treasury yields rose, as investors awaited data reports that may provide fresh hints about the state of the economy.
The 10-year Treasury yield was trading at 3.7348% after rising by over one basis point. The 2-year Treasury was last up by more than two basis points to 4.6933%.
Investors looked to the headline data for hints about the state of the US economy and considered the implications for the Federal Reserve’s monetary policy.
May’s durable goods orders data will be published on Tuesday, as well as the latest new home sales figures and the Consumer Confidence Report for June.
These data points will follow the latest inflation insights in the form of Friday’s PCE price index.
Before that, Fed Chairman Jerome Powell will speak twice, on Wednesday and Thursday.
Investors are hoping to gather more clues about upcoming monetary policy moves from his comments after he said last week that interest rates are likely to increase.
Powell also indicated that the Fed’s next moves will be data dependent.
Hence, this week’s economic reports can inform the central bank’s discussions at its next policy meeting in July.
Investors also continued to monitor developments in Russia after a brief mutiny by the Wagner Group, led by its chairman Yevgeny Prigozhin, over the weekend.
