The yield on the benchmark 10-year Treasury note was down about 4 basis points at 2.9482% at 3:25 a.m. ET, while the yield on the 30-year Treasury note traded 3 basis points lower at 3.1937%. Returns move inversely to prices and the basis unit is equal to 0.01%. The yield on the short-term 2-year Treasury note also traded marginally lower at 3.2467%. These moves come ahead of a volatile trading week. Investors await Federal Reserve Chairman Jerome Powell’s latest comments on inflation at the central bank’s annual economic symposium in Jackson Hole. Yields dipped and then rose late last week as markets worried about the Fed’s July meeting minutes. The Fed said it would continue to raise interest rates until inflation slows significantly, although the central bank could soon ease the pace of tightening. There are no major financial data releases expected on Monday. The Treasury Department will auction $54 billion of 13-week notes on Monday and $42 billion of 26-week notes. — CNBC’s Sarah Min and Samantha Subin contributed to this article.
