Treasuries Move Back To The Upside As Fed Meeting Looms

(RTTNews) - After coming under pressure over the course of the previous session, treasuries moved back to the upside during trading on Monday.

Bond prices advanced early in the session and remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.9 basis points to 4.091 percent.

The rebound by treasuries came as traders looked ahead to several key events this week, including the Federal Reserve's monetary policy announcement on Wednesday.

While the Fed is widely expected to leave interest rates unchanged, traders will be looking for clues about the likelihood of rate cuts at upcoming meetings.

Recent economic data has led many economists to believe the Fed is unlikely to cut rates in March, as traders had previously hoped.

The Labor Department's closely watched monthly jobs report is also due to be released later this week along with reports on initial jobless claims, labor productivity and costs and manufacturing activity.

Trading on Tuesday may be impacted by reaction to the latest U.S. economic data, including reports on home prices, consumer confidence and job openings.