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US Treasury yields fall as traders look ahead to midterms, economic data

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.