Treasuries Extend Recent Move To The Upside

(RTTNews) - Extending the upward move seen over the two previous sessions, treasuries moved moderately higher during trading on Monday.

Bond prices recovered from an early move to the downside and managed to remain in positive territory throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell 2.7 basis points to 4.393 percent.

With the continued decrease on the day, the ten-year yield ended the session at its lowest closing level in over two months.

Treasuries may have continued to benefit from the appeal as a safe haven following last Friday's disappointing consumer sentiment data.

The University of Michigan said its consumer sentiment index for February was downwardly revised to 64.7 from a preliminary reading of 67.8. Economists had expected the index to be unrevised.

With the unexpected downward revision, the consumer sentiment index is well below the January reading of 71.7, tumbling to its lowest level since hitting 61.3 in November 2023.

Trading activity was somewhat subdued, however, as traders looked ahead to the release of some key economic data in the coming days, including the Federal Reserve's preferred readings on consumer price inflation.

Trading on Tuesday may be impacted by reaction to the Conference Board's report on consumer confidence in the month of February.