Treasuries Close Modestly Lower After Choppy Trading Day

(RTTNews) - Treasuries fluctuated over the course of the trading day on Monday before eventually ending the session modestly lower.

Bond prices spent the day bouncing back and forth across the unchanged line before moving to the downside going into the close. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1.1 basis points to 1.828 percent.

The choppy trading in the bond market came as traders digested the outcome of the weekend's parliamentary elections in Greece, which saw the anti-austerity Syriza party emerge victorious

Syriza, which has formed a governing coalition with the right-wing Greek Independents, may seek to abandon budget constraints and write off Greek debt.

Bond traders also seemed reluctant to make any significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday.

The Fed is widely expected to leave interest rates unchanged, but traders are likely to pay close attention to any changes to the accompanying statement.

A lack of major U.S. economic data on the day also kept some traders on the sidelines, although several key reports are due to be released in the coming days.

Trading on Tuesday may be impacted by the release of several key reports, including data on durable goods orders, new home sales, and consumer confidence.