Treasury yields pulled back as investors closely watched Covid developments in China and digested comments from Fed officials on monetary policy plans.
Traders also digested comments from Fed speakers about future interest rate policy, as concerns about a looming recession continue.
Speaking at a virtual event hosted by the Economic Club of New York on Monday, New York Fed president John Williams said the central bank had to continue hiking rates for now. Rate cuts could be an option for 2024, he added.that the central bank's benchmark rate needs to rise further and likely remain above 5% throughout the next two years.
On the data front, traders are awaiting key labor market figures, as well as personal spending and income data, which will be released later in the week and could provide further clues about inflation and the state of the U.S. economy.
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