Treasuries Extend Last Friday's Rebound
Treasuries moved to the upside during trading on Monday, extending the notable rebound seen in the previous session.
Bond prices moved higher early in the day and remained firmly positive throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 5.5 basis points to 4.614 percent.
The extended rebound by treasuries came as trades looked ahead to the Federal Reserve's monetary policy announcement on Wednesday.
The Fed is widely expected to leave interest rates unchanged, but the accompanying statement and Fed Chair Jerome Powell's post-meeting press conference may shed additional light on the outlook for rates.
Recent economic data has tamped down expectations of a near-term rate cut, with the central bank now seen as likely to leave rates unchanged until at least September.
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