Yields on U.S. government debt rose on Monday after 10-year Treasury yields hit a five-week low on Friday.
Dallas Federal Reserve President Robert Kaplan, a voting member of the central bank's policymaking committee, reiterated his view that a rate hike should come sooner rather than later.
Peter Boockvar, chief market analyst at The Lindsey Group said, "I have to put the drop in long-term yields as more in response to a flattening of the curve to what is now a growing belief that a March hike very well might happen."
The Fed is scheduled to hold its next monetary policy meeting March 14, with the possibility of a rate hike high enough to keep investors intrigued. Market expectations for a rate hike in March are around 50 percent, according to Fed funds futures.
The yield on the benchmark 10-year Treasury notes rose to 2.365 percent from Friday's close of 2.317, while the yield on the 30-year Treasury bond was marginally higher at 2.983 from 2.953 on Friday.
Last week, the 10-year Treasury yield fell 11 basis points, the steepest weekly decline since July 2016, according to Reuters.