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US Treasury yields pare gains amid Yellen remarks

U.S. sovereign bond prices fell, but were off their lows Monday, as investors pared rate hike expectations in the wake of Friday's sluggish jobs report.

The yield on the 10-year Treasury note, which moves inversely to its price, moved higher to 1.7185 percent, while the yield on the 30-year Treasury bond was up at 2.5430 percent. Two-year yields rose to 0.7913 percent.

Yields pared gains as investors digested remarks by Federal Reserve Chair Janet Yellen on Monday.

Yellen struck a generally positive tone on the U.S. economy on Monday — despite last week's disappointing jobs report.

Speaking at an event in Philadelphia, Yellen continued to say the Fed needs to raise rates, but she stepped back from putting a time period on that plan.

The Fed funds rate probably needs to rise gradually over time, she said, and hikes should come before all of the central bank's economic goals have been fully reached.

Symbol
Yield
 
Change
%Change
US 3-MO
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US 1-YR
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US 2-YR
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US 5-YR
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US 10-YR
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US 30-YR
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It follows an address by Boston Federal Reserve President Eric Rosengren in Finland earlier on Monday. Rosengren indicated that while the central bank closer to reaching conditions necessary for an interest rate hike, the Fed isn't likely to do so during their June meeting.

That's after non-farm payrolls data showed worse-than expected jobs growth in May, showing an increase of 38,000 jobs, compared to the 164,000 expected. It marked the smallest increase since September 2010.

No major economic data are expected.

—CNBC's Everett Rosenfeld contributed to this report.