WASHINGTON (dpa-AFX) - Following the pullback seen during last Friday's session, treasuries showed a notable move back to the upside during trading on Monday.
Bond prices moved modestly higher in early trading and climbed more firmly into positive territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.3 basis points to 4.230 percent.
The ten-year yield more than offset the 3.0 basis point increase seen in the previous session, falling to its lowest closing level in two months.
The rebound by treasuries came as President Donald Trump continued to pressure the Federal Reserve to lowest rates, saying in a post on Truth Social that Fed Chair Jerome Powell and his entire board should be 'ashamed of themselves.'
'They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED - And continue to do so,' Trump said.
'If they were doing their job properly, our Country would be saving Trillions of Dollars in Interest Cost,' he added. 'The Board just sits there and watches, so they are equally to blame. We should be paying 1% Interest, or better!'
Traders were also keeping an eye on developments in Washington, D.C., where the Senate is holding a 'vote-a-rama' on amendments to Trump's tax cuts and spending bill after the chamber narrowly voted to begin debate on the bill over the weekend.
Meanwhile, bond traders largely shrugged off optimism about new trade deals, which has contributed to continued strength on Wall Street.
Trading on Tuesday may be impacted by reaction to the latest U.S. economic news, including reports on manufacturing activity and job openings.
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