After failing to sustain an early move to the upside, treasuries showed a lack of direction over the course of the trading session on Monday.
Bond prices spent much of the session lingering near the unchanged line before closing roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a tenth of a percent to 3.196 percent.
The lackluster performance seen for much of the day came as some traders stuck to the sidelines amid a lack of major U.S. economic data.
The economic calendar remains relatively light throughout the week, although reports on new home sales, durable goods orders, and consumer sentiment may attract some attention in the coming days.
The Federal Reserve is also due to release its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts. The report may shed additional light on the outlook for interest rates.
Amid another quiet day on the U.S. economic front, trading on Tuesday may be impacted by reaction to the results of the Treasury Department’s auction of $38 billion worth of two-year notes.