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 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."
There are no significant data releases concerning the U.S. due on Monday.
Also, Fischer said in a speech that fiscal adjustments could support years of accommodative monetary policy. "Certain fiscal policies, particularly those that increase productivity, can increase the potential of the economy and help confront some of our longer-term economic challenges," he said.
Oil prices were higher as a result of renewed optimism that OPEC could agree on a production cut after Russian President Vladimir Putin commented that there are few hurdles for the producer cartel to clear in order to reach a deal, according to Reuters.
— CNBC's Fred Imbert contributed to this report.