U.S. government debt prices rose on Monday as investors continued to digest stronger-than-expected jobs data.
The yield on the benchmark 10-year Treasury note fell to 2.0268%, while the yield on the 30-year Treasury bond dipped to 2.5318%. Bond yields move inversely to prices.
Investor focus was largely attuned to the latest nonfarm payrolls report out of the U.S., which showed the economy added 224,000 jobs in June. That was way above an expected 165,000 increase.
The solid report tempered expectations that the Federal Reserve will cut interest rates at its next policy meeting later this month. The Fed said at its last meeting that it would “act as appropriate” to maintain the current U.S. economic expansion, which is the longest in history.
In terms of data, consumer credit figures are due at 3 p.m. ET. Meanwhile, the Treasury will auction $36 billion in 3-month bills and $36 billion in 6-month bills on Monday.