The 10-year Treasury yield rose Monday as investors absorbed the latest remarks from Federal Reserve officials on what to expect from the economy and central bank policy.
The yield on the 10-year Treasury was last up by more than 3 basis points to 3.498%. Meanwhile, the 2-year Treasury yield was little changed at 3.998%.
Yields and prices move in opposite directions and one basis point is equivalent to 0.01%.
Treasurys
Atlanta Federal Reserve President Raphael Bostic said he finds interest rate cuts unlikely this year, even if a recession should hit.
"Inflation is not going to come down very quickly. And in that regard, then, cutting rates doesn't really fit into that scenario," Bostic told CNBC's Steve Liesman during a "Squawk Box" interview.
Meanwhile, Chicago Fed President Austan Goolsbee called for a "prudent" approach.
"We've still got a few weeks before for the next meeting, but [we're] watching the credit stresses, watching the craziness of the debt ceiling, and watching what's happening in the labor market, and the prices," Goolsbee said on CNBC.
At an event at the Hoover Institution on Friday, Fed Governor Philip Jefferson said he believed inflation remains too high and progress in bringing it back to the 2% target range is still limited. At the same event, St. Louis Fed President James Bullard said there was a good chance that disinflation will continue.
That comes as the latest inflation data, published last week, indicated that pressures from rising prices may be easing. Earlier this month, Fed Chairman Jerome Powell had indicated that, depending on data readings, interest rate hikes could be halted soon.
— CNBC's Jeff Cox contributed to this report.