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Treasuries Show Notable Move To The Downside

Treasuries showed a notable move to the downside during trading on Monday, extending the pullback seen in the previous session.

Bond prices climbed off their worst levels of the day but remained firmly in negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.7 basis points to 2.699 percent.

With the increase on the day, the ten-year yield reached its highest closing level in well over two years.

The advance by treasuries came as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday.

On the U.S. economic front, the Commerce Department released a report showing personal income rose by slightly more than expected in the month of December.

The Commerce Department said personal income climbed by 0.4 percent in December after rising by 0.3 percent in November. Economists had expected another 0.3 percent increase.

The report also said personal spending rose by 0.4 percent in December following a 0.8 percent increase in the previous month. The spending growth matched expectations.

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