U.S. Treasury bond yields ticked higher Monday, following comments by Minneapolis Federal Reserve President Neel Kashkari indicating the central bank may not cut rates until December.
The 10-year Treasury yield was trading nearly 3 basis points higher at 4.238% at 4:17 a.m. ET. The 2-year Treasury note yield was up around 3 basis points at 4.717%.
Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.
The rise comes after Kashkari on Sunday said in an interview with CBS News that it was a “reasonable prediction” that the Fed would not cut interest rates until December, adding that more evidence was needed “to convince us that inflation is well on our way back down to 2%.”
“It’s really going to depend on the data,” Kashkari said. “We’re in a very good position right now to take our time, [to] get more inflation data, get more data on the economy, on the labor market, before we have to make any decisions…
