U.S. government debt prices were higher Monday morning, as intensifying trade tensions prompted investors to load up on traditionally safer Treasurys at the expense of equities.
The 10-year yield has tumbled from around 2.5% at the start of May to its lowest level in 20 months. That decline has also led to a, with the 3-month bill rate trading above its 10-year counterpart. An inverted yield curve is seen by experts as a sign that a recession may loom ahead.
On the data front, a final reading of manufacturing PMI data for May will be released at around 9:45 a.m. ET. The Institute for Supply Management ISM manufacturing index for May, construction spending figures for April and light vehicle sales data will all follow slightly later in the session. Meanwhile, the U.S. Treasury is set to auction $36 billion in 13-week bills and $36 billion in 26-week bills.. Fed Vice Chair for Supervision Randal Quarles, Richmond Fed President Thomas Barkin and San Francisco Fed President Mary Daly are all set to comment on the world's largest economy at separate events on Monday.
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