The 10-year Treasury note yield — the main benchmark for mortgages, auto loans and credit card debt — was more than 2 basis points lower at 4.6743%.
The yield on the 2-year Treasury note, which typically reacts in line with short-term Federal Reserve interest rate decisions, dropped more than 1 basis point to 4.1542%.
The 30-year Treasury yield, which is typically sensitive to geopolitical events, was more than 2 basis points lower at 5.2445%.
One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
Monday’s reversal comes as investors await July’s FOMC meeting minutes, due Wednesday, for further insights into the Federal Reserve’s latest monetary policy decisions and potential future rates trajectory.
The Fed voted 9-3 to hold rates steady at between 3.50% and 3.75% for the fifth consecutive meeting on July 29. The three dissenting committee members — Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas — instead called for a 25 basis points hike.
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