Treasuries Move To The Downside Amid Strength On Wall Street
Following the lackluster performance seen in the previous session, treasuries moved to the downside during trading on Monday.
Bond prices moved lower early in the session and remained in negative territory throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.9 basis points to 2.860 percent.
The weakness among treasuries came as stocks on Wall Street moved notably higher on the day, adding to the strong gains posted last week.
Stocks benefited from strength in the overseas markets, as traders shrugged off recent concerns about a global trade war.
Traders also continued to react positively to last Friday’s Labor Department report showing stronger than expected job growth in the month of June.
A light day on the U.S. economic front kept trading activity somewhat subdued, however, with traders looking ahead to the release of reports on producer and consumer price inflation in the coming days.
On Tuesday, bond traders are likely to keep an eye on the results of the Treasury Department’s auction of $33 billion worth of three-year notes.
by RTTNews Staff Writer
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