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U.S. government debt prices were higher on Monday, as investors digested the latest remarks made by Federal Reserve Vice Chairman Stanley Fischer, while keeping an eye on oil and new data.
In prepared remarks for a speech at the Economic Club of New York, Fischer suggested that low rates can lead to longer and deeper recessions, making the economy more vulnerable.
The yield on the benchmark 10-year Treasury note sat lower at around 1.76 percent at 3:33 p.m. ET, while the yield on the 30-year Treasury bond was lower at 2.52 percent. Bond yields move inversely to prices.
Amid discussion around the upcoming U.S. election and fluctuation in the oil price, the Federal Reserve is back on the table as investors debate whether the central bank will raise interest rates this year or next.
When it comes to the Fed, investors are likely to be still digesting the recent comments made by Fed Chair Janet Yellen on Friday.
Last week, Yellen said in a lunch address to a conference of policymakers and academics in Boston, that the economy has seen an unusual tendency of weak demand against strong supply, making it reasonable "to ask whether it might be possible to reverse these adverse supply-side effects by temporarily running a 'high-pressure economy,' with robust aggregate demand and a tight labor market."
Looking ahead to this week, Fed Vice Chairman Stanley Fischer is expected to deliver remarks at the Economic Club of New York on Monday.
Elsewhere, German bond yields reached their highest level in close to four months on Monday, as it tracks the moves in British and U.S. bond yields, ahead of the European Central Bank's next monetary policy meeting; Reuters reported.
On the data front, U.S. industrial production barely rose in September as a rebound in manufacturing output was offset by a decline in utilities production, suggesting a moderate acceleration in economic growth in the third quarter. The Federal Reserve said industrial output edged up 0.1 percent last month after a downwardly revised 0.5 percent decline in August.
Economists polled by Reuters had forecast industrial production gaining 0.1 percent last month after a previously reported 0.4 percent fall in August
In October, manufacturing in the state of New York contracted for the third straight month. The Federal Reserve Bank of New York says its Empire State index slid to a reading of minus 6.8 this month, its lowest level since May and down from a minus 2 reading in September.
Anything below zero indicates a contraction. Economists had expected this survey to show growth this month.
—CNBC's Jeff Cox and Antonio Jose Vielma contributed to this report.