What moved yields
If you felt rates pressure ease a hair, you're not imagining it. On Monday, the 10-year Treasury yield slid by a shade over 3 basis points, settling at 4.957% after last week's 19-year high of 5.041%. The 2-year slipped a little over 2 basis points to 4.718%, and the 30-year ticked down just over 3 basis points to 5.293%. For context, a basis point equals 0.01%, and when bond prices climb, yields usually fall.
A quick snapshot from the rates board: the U.S. 10-year hovered near 4.959% (down 0.037), the 1-month at 3.887% (off 0.003), the 1-year at 4.413% (unchanged), the 2-year at 4.729% (down 0.014), the 30-year at 5.297% (down 0.03), the 3-month at 4.09% (up 0.008), and the 6-month at 4.274% (up 0.002).
Global cues and politics
Bonds caught a bid across Europe, with both the German 10-year benchmark and U.K. 10-year gilts lower by 5 basis points. Japan's markets were shut for the day, taking a key read on global sentiment out of the picture.
Lower oil prices helped lift risk appetite and pushed stocks higher. On the geopolitical front, world leaders are gathering at the United Nations General Assembly, and Washington is increasing pressure on Tehran to reach an agreement aimed at freeing up trade flows through the Strait of Hormuz.
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What investors are watching
Traders are still processing last week's quarter-point rate hike from the Federal Reserve and sizing up whether more increases could follow before year end. In Europe, the European Central Bank raised rates earlier this month, while the Bank of England kept policy unchanged at its latest meeting.
On deck this week: S&P Global's PMI readings on Wednesday, Initial Jobless Claims on Thursday, and remarks that will draw close attention from New York Fed President John Williams and the Richmond Fed's Tom Barkin, together with other officials from the central bank.
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