Treasuries Give Back Ground Following Last Week's Rally

After turning in a strong performance last week, treasuries gave back some ground over the course of the trading session on Monday. Bond price drifted lower as morning trading progressed before moving roughly sideways in the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.9 basis points to 2.549 percent. With the moderate uptick on the day, the ten-year yield moved back to the upside after closing lower in each of the five previous sessions. The pullback by treasuries was partly due to profit taking following the notable upward move seen last week, with some traders cashing in on the recent strength. A rally by stocks on Wall Street may also have led some traders to move money out of bonds, as the Dow rose nearly 145 points to reach a new record intraday high above 17,000. Bond traders may also been expressing some trepidation ahead of the release of a slew of key U.S. economic data later in the week. Reports on retail sa
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