U.S. Treasury yields were lower Monday as market watchers continued to weigh the impact of President Donald Trump naming Kevin Warsh as his pick to be the next Federal Reserve chair.
As of 5:37 a.m. ET, the 10-year Treasury yield fell over 2 basis points at 4.214%, while the 2-year Treasury note yield fell over 1 basis point to 3.514%. Meanwhile, the 30-year Treasury yield also fell 2 basis points to 4.848%.
One basis point equals 0.01%, and yields and prices move in opposite directions.
U.S. stock futures were lower Monday, as analysts flagged that Trump’s choice of Warsh as successor to Jerome Powell had triggered a global market downturn.
The pan-European Stoxx 600 index tracked losses from Asia-Pacific markets, while gold and silver on Monday deepened their historic sell-off from Friday.
Manufacturing will be in focus on Monday as a report from S&P Global on PMI Manufacturing for January is slated for release, along with data on ISM Manufacturing for the same month.
Investors will also be looking out for the latest Job Openings and Labor Turnover Survey (JOLTS) and ADP employment survey, due this week. The reports provide investors with key insights into the labor market.
It comes after the Fed last week indicated the economic outlook is improving, removing the warning that there are “downside risks to employment” from its regular policy statement — and leading investors to conclude the timeline for any further interest rate reductions this year has been pushed farther out.
— CNBC’s Sarah Min contributed to this report.