The yield on the benchmark 10-year Treasury note rose to its highest level in over one month — just under 3 percent — as Wall Street awaited decisions on monetary policy from Federal Reserve and the Bank of Japan.Â
The yield on the 10-year Treasury note hit 2.99 percent at 9:41 a.m. ET, while the yield on the 30-year Treasury bond rose to 3.113 percent. Bonds yields move inversely with prices.
Treasurys
Investors are getting ready for the next Federal Open Market Committee (FOMC) monetary policy meeting, which is due to take place on Tuesday and Wednesday. A policy decision is set to be announced Wednesday afternoon and should provide some insight into the performance of the U.S. economy.
Fed Chair Jerome Powell and his colleagues have signaled that the FOMC could raise interest rates four times in 2018 to help cool an economy many economists believe is at or beyond full employment.
Overseas, the Bank of Japan (BOJ) is currently in the middle of its two-day policy meeting. The central bank's decision will be a key focus this week, after reports emerged earlier this month that the BOJ could modify its monetary policy, in order to make its program more sustainable.
This comes just days after the advance reading of the U.S.' gross domestic product (GDP) for the second quarter, which showed Friday that the economy had grown by 4.1 percent, in line with estimates.
The U.S. Treasury will auction $51 billion in 13-week bills and $45 billion in 26-week bills. The size of a four-week bill auction, due to take place Tuesday, will also be announced.
This follows fresh batches of economic data, and news that President Donald Trump was "not thrilled" about rising interest rates, expressing concern that the Fed could upset the economic recovery.
Elsewhere, Trump is set to welcome Prime Minister Giuseppe Conte of Italy to the White House on Monday, where the two leaders are likely to comment on global conflicts and how to promote economic prosperity between both sides of the Atlantic.