Treasury yields moved slightly lower on Monday as Wall Street kicked off a light week for economic data and awaited commentary from Federal Reserve speakers.
The on the 10-year Treasury lost about 2 basis points to trade at 3.715%. The 2-year Treasury was trading 2 basis points lower at 4.729%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Treasurys
Those moves come after an attempted mutiny against the Russian military over the weekend by the Wagner Group, a private militia led by Yevgeny Prigozhin. Wagner took control of Rostov and moved within 200 kilometers of Moscow before the rebellion was over.
Investors also considered what could be next for the U.S. economy, looking ahead to upcoming economic reports. That includes May's personal consumption expenditure price index report, the Fed's favored inflation gauge, due out Friday.
Federal Reserve Chairman Jerome Powell said last week that inflation remained too high and the central bank's battle to bring it down was far from over. Speaking before Congress, Powell indicated that further interest rates hikes were therefore likely, a point that was also echoed by various other Fed officials.
Many investors are now considering when these rate hikes may be coming and how high interest rates will ultimately go. According to the CME Group FedWatch tool, markets are currently pricing in a nearly 77% chance of a rate hike being announced at the Fed's next meeting in July.
Several Fed officials are slated to speak this week, including Powell on Wednesday and Thursday. Investors will be scanning the comments for fresh details about the central bank's monetary policy plans.