Treasuries Regain Ground Following Recent Weakness

(RTTNews) - After moving to the downside over the past few sessions, treasuries regained some ground during trading on Monday.

Bond prices moved higher in morning trading and remained firmly positive throughout the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 5.5 basis points to 2.542 percent.

With the decrease on the day, the ten-year yield pulled back after ending last Friday's trading at its highest closing level in over two years.

Bargain hunting may have contributed to the rebound by treasuries, which came amid a light day on the U.S. economic front.

Traders also kept an eye on Federal Reserve Janet Yellen's speech at the University of Baltimore's commencement, where she said the job market has improved and wages are on the rise.

"After years or a slow economic recovery, you are entering the strongest job market in nearly a decade," Yellen told the graduating students.

The economic calendar remains light on Tuesday, although several key reports are scheduled to be released later this week.

Traders are likely to keep a close eye on reports on durable goods orders, personal income and spending, and new and existing home sales.

A revised reading on third quarter GDP may also attract some attention along with reports on leading economic indicators and consumer sentiment.