A worker sweeps the floor at the Nasdaq MarketSite in New York, US, on Monday, Sept. 16, 2024.
U.S. Treasury yields were higher Monday as investors assessed the growth outlook following the Federal Reserve's jumbo rate cut last week.
The 10-year Treasury yield was up just over 6 basis points at 3.794%. The yield on the 2-year Treasury note was 5 basis points higher at 3.624%.
Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.
The 10-year Treasury yield ended last week almost 8 basis points higher after the Fed lowered rates by half a percentage point on Wednesday. Markets had raised the probability of the outsized move ahead of the meeting, but the announcement nonetheless surprised many economists.
Get top local stories in Philly delivered to you every morning. Sign up for NBC Philadelphia's News Headlines newsletter.
Market participants are now questioning whether the move was good news for the U.S. economy, or a sign it is weakening more severely than previously thought.
Fed Chair Jerome Powell last week stressed he did not see signs that the risk of an economic downturn is "elevated," and said growth was continuing at a "solid rate."
He added that the central bank had conducted a "recalibration" of its policy stance to help maintain growth and support the labor market.
Money Report
All eyes will now be on U.S. data releases this week, including flash purchasing managers' index figures Monday, house prices and a consumer confidence reading Tuesday, a final quarterly gross domestic product print Thursday and more inflation data on Friday.
Speeches are due from a host of Fed board members, including Raphael Bostic, Neel Kashkari, Austan Goolsbee and Adriana Kugler.
