U.S. Treasury yields were higher to begin the week, as market participants assessed the possibility of central banks implementing more interest rate hikes to curb rising inflation.
The yield on the 10-year Treasury benchmark traded higher at 4 basis points at 3.171%. Meanwhile, the yield on the 30-year Treasury bond also rose by about 4 basis points to 3.302%. Yields move inversely to prices.
As for the data, traders expect the last reading of durable goods orders to come out Monday before the opening bell. They are also pending the pending home sales report, which is expected at 10 a.m. ET Monday.
On Thursday, Federal Reserve Chairman Jerome Powell reaffirmed the U.S. central bank’s “unconditional” commitment to curbing the high levels of inflation over the past 40 years.
Speaking to the U.S. House Financial Services Committee, Powell acknowledged that much higher interest rates could raise unemployment, but said restoring price stability is “something we have to do”.
– CNBC’s Sarah Min contributed to this report.