Treasury yields dipped on Monday, with the 10-year Treasury note dipping below 1.6%, after the release of key manufacturing data.
The yield on the benchmark 10-year Treasury note fell about 4 basis points to 1.589% around 10:30 a.m. ET. The yield on the 30-year Treasury bond fell about 4 basis points to 2.263%. Yields move inversely to prices.
ISM Manufacturing PMI for April came in at 60.7, compared to the expected 65.0. This compares to March’s level of 64.7. The index measures manufacturing activity via a survey of more than 300 manufacturing company purchasing managers conducted every month by the Institute for Supply Management.
IHS MarkitU.S. manufacturing activity grew at a record-high speed in April, data from a survey compiled by IHS Markit showed Monday. April’s Manufacturing Business Activity PMI Index came in at 60.5, above the 59.1 print in March.
Small business owners are feeling more confident, according to a CNBC/SurveyMonkey survey, with sentiment increasing to 45 from a record low of 43 in the first quarter.
The 10-year Treasury yield had already edged lower on Friday following consumer spending data that showed significant jumps in personal income and spending, as well as a rise in prices.
There are no auctions due to be held Monday.
