U.S. Treasury yields were little changed on Monday as investors look ahead to the Federal Reserve’s monetary policy meeting, during which Fed chair Jerome Powell is widely expected to keep interest rates on hold.
The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — was largely flat at 4.314%.
The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, was over 1 basis point higher at 3.786%. The longer-dated 30-year Treasury bond yield was broadly flat.
One basis point is equal to 0.01%, and yields and prices move in opposite directions.
The policy decision on Wednesday could mark Jerome Powell’s final meeting as chair before Kevin Warsh is expected to take over in May. The Department of Justice decided to drop its criminal probe into Powell on Friday, causing Sen. Thom Tillis to end his block of Warsh’s confirmation.
