The 2-year fell 6 basis points to trade at 3.0078%, but remained above the 10-year Treasury, which fell 6 basis points to 2.9225%, falling back below the 3% mark. The yield on the 30-year Treasury note traded 5 basis points lower at 3.1257%. Returns move inversely from prices and the basis unit is equal to 0.01%. Markets await key inflation data this week. June’s consumer price index, scheduled for release on Wednesday, is expected to show headline inflation rising above May’s 8.6% level. This inflation rate also applies to energy and food. All three major US stock indexes closed in negative territory on Monday. The National Federation of Independent Business’ optimism index for June, which focuses on small businesses, is due Tuesday, as is the IBD/TIPP economic optimism index, which is the first monthly survey of consumer confidence. The United States will also release the Redbook for July, a sales-weighted record of year-over-year growth among a selection of major retailers representing approximately 9,000 stores. The 52-week bill is up for auction on Tuesday. Friday’s jobs report for June showed that jobs grew at a faster pace than expected. Nonfarm payrolls rose by 372,000 last month, according to the Bureau of Labor Statistics. Economists predicted the US economy would add 250,000 jobs, according to Dow Jones. President Joe Biden begins his Middle East trip, which will include a visit to Saudi Arabia and meetings with OPEC leaders in an effort to push for more oil production to ease prices. US Treasury Secretary Janet Yellen will meet with Japanese Finance Minister Shunichi Suzuki on Tuesday to discuss further sanctions against Russia over the war in Ukraine. Gold hit its lowest level since late September as the dollar hit a two-decade high, trading at $1,732.40 an ounce at 8:30 a.m. in London. On Friday, yields had jumped after the jobs report on speculation that the US Federal Reserve will be more aggressive with its rate hike path. —CNBC’s Samantha Subin and Matt Clinch contributed to this report.
