WASHINGTON (dpa-AFX) - Extending the upward trend seen over the past few sessions, treasuries climbed firmly into positive territory over the course of the trading day on Monday.
Bond prices recovered from an initial move to the downside and moved higher as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.0 basis points to 4.216 percent.
The ten-year yield closed lower for the fifth consecutive session, falling to its lowest closing level since early this month.
The continued strength among treasuries came as traders kept a close eye on developments on the trade front.
Treasury Secretary Scott Bessent told ABC News' 'This Week' on Sunday he believes an agreement in principle can reached on '17 or 18 important trade deals' the administration is currently negotiating.
'A trade deal can take months, but an agreement in principle and the good behavior and staying within the parameter of the deal by our trading partners can keep the tariffs there from ratcheting back to the maximum level,' Bessent said.
Meanwhile, in a separate interview with CNBC's 'Squawk Box' this morning, Bessent said he believes it's up to China to de-escalate, 'because they sell five times more to us than we sell to them.'
Traders were also looking ahead to the release of some key economic data in the coming days, including the monthly jobs report and the Federal Reserve's preferred readings on consumer price inflation.
Following a quiet day on the U.S. economic front, trading on Tuesday may be impacted by reaction to reports on consumer confidence and job openings.
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