Treasury yields climbed on Monday to start June trading as investors continued to assess the risks regarding the economy reopening as well as the U.S.-China tensions.
With a new month beginning on Wall Street, investors are broadly monitoring the reopening of the economy following months of coronavirus-induced lockdown measures. However, many businesses are now also navigating nationwide protests against police brutality triggered by the killing of a black man, George Floyd in Minneapolis.
Market focus is also attuned to rising tensions between the U.S. and China. President Donald Trump on Friday announced that Hong Kong's special status with the U.S. would be revoked following China's passage of a national security bill increasing Beijing's power over the city.
Yields remained lower after data on Monday showed On the data front, the IHS Markit manufacturing PMI rose to 43.1 in May from 41.5 last month. Economists polled by Dow Jones were expecting a reading of 43.8 for May.
Auctions will be held Monday for $63 billion of 13-week Treasury bills and $54 billion of 26-week bills.