WASHINGTON (dpa-AFX) - After coming under pressure early in the session on Monday, treasuries regained some ground as the day progressed but remain in negative territory.
Bond prices climbed back near the unchanged line in late-day trading before giving back ground going into the close. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.2 basis points to 4.335 percent.
The initial weakness among treasuries came as traders reacted to last Friday's monthly jobs report showing stronger than expected job growth in March.
The Labor Department said non-farm payroll employment shot up by 178,000 jobs in March after plunging by a revised 133,000 jobs in February.
Economists had expected employment to climb by 51,000 jobs compared to the loss of 92,000 jobs originally reported for the previous month.
The report also said the unemployment rate edged down to 4.3 percent in March from 4.4 percent in February. The unemployment rate was expected to remain unchanged.
Treasuries regained some ground over the course of the session as traders expressed uncertainty about the U.S. war with Iran following President Donald Trump's latest threats.
In an expletive-laden Truth Social post Easter Sunday morning, Trump once again threatened to attack Iran's power plants and bridges unless the Strait of Hormuz is reopened by 8 pm ET on Tuesday.
Crude oil prices initially extended last Thursday's spike in reaction to Trump's comments but have given back ground since then amid reports of indirect talks between the U.S. and Iran about a potential ceasefire.
A report from Axios citing four U.S., Israeli and regional sources said the U.S., Iran and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war.
Reuters also reported that the U.S. and Iran are weighing ?the framework of a plan to end the five-week-old conflict but noted Tehran has pushed back against pressure to swiftly reopen the Strait of Hormuz.
A source aware of the proposals told Reuters the Pakistani-brokered plan calls for an immediate ceasefire, followed by negotiations on a broader peace settlement to be concluded within 15 to 20 days.
However, a senior Iranian official told Reuters that Iran won't reopen the Strait of Hormuz as part of a temporary ceasefire, nor would it accept deadlines or pressure to reach a deal.
A White House official told CNBC that Trump has 'not signed off' on the 45-day ceasefire proposal, although the president was not willing to provide much detail about the talks during a White House press conference this afternoon.
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