U.S. government debt prices were little changed Monday morning as investors pause for breath following last week’s stock market rally.
Yields surged on Friday after the Labor Department’s latest jobs data revealed that the U.S. economy added a record 2.5 million jobs in May, shattering expectations of an 8.33 million decline and sending stock markets soaring.
Investors continue to monitor the gradual reopening of economies across the U.S. and around the world, along with the status of the coronavirus pandemic, which has now infected more than 1.9 million Americans and more than 7 million people globally.
Nationwide protests against racism and police violence continued over the weekend, with protesters demanding police reform following the death of George Floyd, an unarmed black man, in police custody. However, the violence which marred earlier demonstrations has appeared to calm in recent days.
There is no major economic data expected Monday.
Auctions will be held Monday for $63 billion of 13-week Treasury bills, $54 billion of 26-week bills and $44 billion of 3-year notes.