U.S. government debt prices were mostly higher on Monday as investors digested the results of a note sale and comments from Federal Reserve Vice Chairman Stanley Fischer.
The Treasury Department auctioned $26 billion of two-year notes at a high yield of 1.085 percent, its highest level since December 2009. The bid-to-cover ratio, an indicator of demand, was 2.73, in-line with a recent average.
Indirect bidders, which include major central banks, were awarded 35.8 percent, well below a recent average of 45 percent. Direct bidders, which include domestic money managers, bought 13.4 percent, also below a recent average of 16 percent.
Following the sale, the yield on the two-year Treasury note reversed to tick higher, near 1.077 percent.
Treasury yields were lower on Monday after hitting their highest levels in a year following Donald Trump's suprise White House victory.
"When you get a knee-jerk reaction, it's not surprising to see a pullback," said Greg Woodard, managing director of fixed income at Manning & Napier. "Having said that, there is a trend for higher fiscal stimulus around the world, and that is supportive of higher yields."