U.S. government debt prices were slightly lower on Monday, as investors digested the latest political news out of France, where centrist Emmanuel Macron secured the presidency.
The yield on the benchmark 10-year Treasury note moved slightly higher to around 2.334 percent, while the yield on the 30-year Treasury bond also rose to 3.0176 percent. Bond yields move inversely to prices.
Treasurys
On Sunday, centrist candidate Macron claimed victory in the French presidential election after securing around 66 percent of the vote, beating his far-right and anti-EU opponent Marine Le Pen.
The pro-European Union candidate's win was met with delight from global leaders, letting markets breathe a sigh of relief when it came to the stability and future of the European Union.
With investors having already priced in a Macron victory, bourses in Europe were under slight pressure in morning trade. Meanwhile, Asia-Pacific markets finished trade mostly higher.
Following last week's volatility in the oil markets, crude futures fluctuated following comments from Saudi Arabia's energy minister on the possibility of an extension to the OPEC-led production cut, which is currently expected to end in June, Reuters reported.
No major U.S. data is expected to be released on Monday; however investors will be delving through another slew of earnings reports.
In U.S. economic news, St. Louis Federal Reserve President James Bullard and Cleveland Fed President Loretta Mester spoke before the open.
Mester — a known hawk in the Fed's policymaking committee — said in a speech: "We have met the maximum employment part of our mandate and inflation is nearing our 2 percent goal."
The Fed held off on raising rates at its meeting last week, but set the table for a June move. Market expectations for a rate hike next month were 83.1 percent on Monday, according to the CME Group's FedWatch tool.
Bullard, however, struck a more dovish note in his Monday remarks. He said that continued strong demand for safe assets along with sluggish growth in the U.S. workforce will hold down
U.S. interest rates for the foreseeable future.