U.S. Treasury yields rose slightly on Monday as investors awaited fresh economic data slated for this week that could provide hints about the state of the economy.
The 10-year Treasury yield was up by 4 basis points at 4.26%. The yield on the 2-year Treasury yield was last 3 basis point higher at 4.63%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Treasurys
Investors looked to upcoming economic data releases after the Federal Reserve last week indicated that interest rates are expected to come down this year, but noted that this would depend on how the economy develops.
"We believe that our policy rate is likely at its peak for this tightening cycle. If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year," Fed Chairman Jerome Powell said in a press conference after the central bank's latest meeting.
"But the economic outlook is uncertain, and ongoing progress toward our 2% inflation objective is not assured," he added.
February's new home sales data was released on Monday morning, indicating that new sales came in at 662,000, below the 675,000 estimate from Dow Jones. This was also a 0.3% decline from January's figure of 664,000 sales.
Other key economic data due throughout the week could provide investors with insights into the economic outlook. This includes the Fed's favored inflation gauge, the personal consumption expenditures price index, which is due Friday.
How markets react to the data will not, however, be clear until the following week, as bond markets will remain closed for Good Friday this week.
Several other data points, such as the latest consumer confidence report, durable goods orders and the final reading of the gross domestic product for the fourth quarter, are also expected, as are remarks from Fed officials including Powell.