U.S. Treasury yields fell on Monday as investors assessed weak U.S. manufacturing data and looked toward a key jobs report slated for the end of the week.
The yield on the 10-year Treasury was down more than 8 basis points at 4.43%. The 2-year Treasury yield was last more than 6 basis points lower at 4.83%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Signs of contraction in the U.S. manufacturing sector weighed on yields. The ISM manufacturing index measured 48.7 in May, below an estimate that called for 49.6. A reading below 50 is an indication of a contraction.
Investors are awaiting further economic data this week that could provide fresh hints about the state of the economy and the path of monetary policy. This includes JOLTS job openings figures for April, as well as the May jobs report, which includes nonfarm payrolls and the unemployment rate for the month.
Elsewhere, the European Central Bank…
