Treasuries Extend Rally Amid Ongoing Brexit Worries

(RTTNews) - Following the spike seen during trading last Friday, treasuries saw some further upside over the course of the trading session on Monday.

Bond prices moved sharply higher in early trading and remained firmly positive throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 11.9 basis points to 1.460 percent.

With the significant decrease on the day, the ten-year yield ended the session at its lowest closing level in almost four years.

Treasuries extended last Friday's rally as traders continue to react to the U.K.'s vote to leave the European Union.

Concerns about the economic impact of the so-called Brexit has increased by the appeal of safe havens such as treasuries.

Britain is under pressure to expedite its exit from the EU in order to provide some stability to the financial markets.

Following the Brexit vote, Federal Reserve Chair Janet Yellen has pulled out of a central bank conference organized by the European Central Bank.

Yellen had been scheduled to speak on a panel with Bank of England Governor Mark Carney and ECB President Mario Draghi on Wednesday.

The continued focus on the Brexit fallout may overshadow U.S. reports on personal income and spending, consumer confidence, and manufacturing activity due later in the coming days.