Treasury yields edged higher on Monday following last week's decline that pushed some of the frond-end rates to record lows.
The yield on the benchmark 10-year Treasury note was higher by 2 basis points at 0.562%, recovering slightly after falling to its lowest level since March 9 on Friday. Meanwhile, the yield on the 30-year Treasury bond was up 5 basis points at 1.251%. The 30-year rate slipped to its lowest level since April 29 in the previous session. Yields move inversely to prices.
Yields on the 2-year, 3-year and 5-year notes also climbed higher on Monday after each hitting record low last week.
On the data front, the Institute for Supply Management's (ISM) manufacturing PMI came in at 54.2 for July, up from 52.6 in June and the reading signaled a faster-than-expected expansion for the sector. Economists polled by Dow Jones expected a print of 53.8 for last month.
The number of coronavirus cases continues to rise worldwide, with the World Health Organization reporting that the 24 hours through to Friday marked the largest ever single-day increase of new Covid-19 infections.
Almost 300,000 new cases of the virus were reported on Thursday, with more than half stemming from the Americas. To date, more than 18 million people have contracted the coronavirus worldwide, with 689,347 related deaths, according to data compiled by Johns Hopkins University.
The U.S. Treasury will auction $54 billion of 13-week bills and $51 billion of 26-week bills on Monday.