U.S. Treasury yields moved higher on Monday as investor attention turned to the Federal Reserve meeting and interest rate decision slated for later in the week.
The yield on the 10-year Treasury was two basis points higher at 4.339%. The 2-year Treasury yield was little changed at 3.841%.
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WATCH HEREYields and prices move in opposite directions. One basis point equals 0.01%.
The yield on the 10-year note rose after data Monday from the Institute for Supply Management showed that service sector activity in April was stronger than expected, even as corporate executives remain concerned about tariffs and ongoing macroeconomic uncertainty.
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SIGN UP The reading — which measures the percentage of companies reporting expansion — came in at 51.6, up 0.8 points from March and exceeding the Dow Jones estimate for 50.4.
Markets are now turning to to the Federal Reserve's interest rate decision on Wednesday.
According to , traders were last pricing in an over 98% chance of rates being left unchanged by the central bank. However, investors will be eager to scan the Fed's policy statement and the post-meeting press conference for hints about the potential path ahead for interest rates.
Money Report
The meeting comes at a time where U.S. President Donald Trump has on the Fed to lower rates in a challenge to the central bank's independence from the executive branch of the U.S. government.
Trump has also been critical of Fed Chairman Jerome Powell, with the White House at one point exploring whether the president . The president has since scaled back his criticism after fears that he might try and replace Powell spooked markets.
