Treasuries Extend Recent Pullback Amid Strength On Wall Street

(RTTNews) - Treasuries moved to the downside during trading on Monday, extending the downward move seen over the two previous sessions.

Bond prices climbed off their worst levels in afternoon trading but remained in negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.5 basis points to 2.434 percent.

The weakness among treasuries came amid continued strength on Wall Street, with the major averages once again reaching new record highs.

Stocks continued to benefit from recent upward momentum spurred in part by optimism about reduced corporate taxes under President Donald Trump.

The strength on Wall Street came despite a lack of major U.S. economic data, although the economic calendar picks up considerably over the next several days.

A report on producer price inflation is due on Tuesday, while a slew of data is scheduled to be released on Wednesday, including reports on consumer prices, retail sales and industrial production.

Reports on regional manufacturing activity, housing starts, and homebuilder confidence are also scheduled to be released this week.

Federal Reserve Chair Janet Yellen's semi-annual testimony before Congress is also likely to attract attention along with speeches by a number of other Fed officials.

Trading on Tuesday may be impacted by reaction to the Labor Department's report on producer prices in the month of January.

Yellen is also scheduled to give her semi-annual monetary policy testimony before the Senate Banking Committee.