Treasury yields pull back from 4-month highs
Treasury yields pulled back from four-month highs on Monday as economic worries resurfaced.
A gauge of manufacturing in New York state sank to its lowest level since April 2009, the latest in a string of weak U.S. manufacturing reports. The Empire State Manufacturing Survey out Monday showed a drop in employment and orders for goods this month.
The yield on the 10-year Treasury note fell to 1.84 percent. That's down from a four-month high of 1.87 percent reached late Friday. The price rose 28 cents for every $100 invested.
Weak economic reports often send traders into the Treasury market, and rising demand for bonds pushes their yields down.
The long-simmering European debt crisis also lured traders into the market. At a meeting over the weekend, European finance ministers remained divided over how to set up a new banking union for the countries that share the currency.
In other Treasury trading, the 30-year bond jumped $1.03 for every $100 invested. The yield fell to 3.03 percent, down from a four-month high of 3.09 percent hit late Friday. The two-year Treasury yield dipped to 0.25 percent from 0.26 percent.
In the market for short-term bills, the three-month T-bill paid a yield of 0.09 percent.