WASHINGTON (dpa-AFX) - Treasuries moved modestly lower during trading on Monday, extending the downward move seen over the two previous sessions.
After seeing initial strength, bond prices moved to the downside over the course of the trading day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1.3 basis points to 4.341 percent.
The modest weakness among treasuries came as traders kept an eye on the White House, where President Donald Trump met with Ukrainian President Volodymyr Zelenskyy and other European leader.
The meetings at the White House comes after Trump's meeting with Russian President Vladimir Putin last Friday in Alaska yielded some progress but failed to result in a concrete agreement to end the war in Ukraine.
In a post on Truth Social on Sunday, Trump claimed Zelenskyy has the power to 'end the war with Russia almost immediately, if he wants to.'
Traders were also looking ahead to comments from central bank officials at the Jackson Hole Economic Symposium later this week.
Federal Reserve Chair Jerome Powell is scheduled to speak at the symposium on Friday, with his remarks potentially impacting the outlook for interest rates.
According to CME Group's FedWatch Tool, there is an 83.2 percent chance the Fed will lower interest rates by a quarter point at its next monetary policy meeting in September.
On the U.S. economic front, the National Association of Home Builders released a report showing a modest deterioration by U.S. homebuilder confidence in the month of August.
The report said the NAHB/Wells Fargo Housing Market Index edged down to 32 in August after inching up to 33 in July. Economists had expected the index to come in unchanged.
Trading on Tuesday may be impacted by reaction to any developments from the White House meetings on Ukraine, while a report on new residential construction may also attract attention.
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