U.S. government debt prices rose on Monday as investors switched focus to the upcoming midterm elections.
The yield on the benchmark 10-year Treasury note was lower at 3.195 percent, while the yield on the 30-year Treasury bond dipped slightly to 3.43 percent. Bond yields move inversely to prices.
In the previous session, strong jobs data sent the yield on the two-year Treasury note to 2.92 percent — its highest level since 2008. Nonfarm payrolls, released Friday, increased by a seasonally adjusted 250,000 in October, well ahead of an expected rise of 190,000. However, on Monday, the two-year yield was seen retreating, trading lower at 2.899 percent.
Traders will likely be shifting focus to Tuesday's midterm vote, with a recent opinion poll showing the Democrats leading with a seven percent advantage over the Republicans. President Donald Trump will be holding campaign rallies in Ohio, Indiana and Missouri.