U.S. Treasury yields inverted on Monday morning, with investors remaining focused on Federal Reserve policy.
5-year and 30-year Treasury yields have also remained inverted, having flipped for the first time since 2006 a week ago.
The inversion in Treasury yields has historically occurred prior to recessions, though economists have pointed out that it is not a guarantee of an economic downturn. Investor focus this week will be on minutes from the latest Fed meeting, due out at 2 p.m. ET on Wednesday. ING strategists said in a note on Monday that they expected the Fed to announce 50 basis point rate hikes at the May, June and July meetings.
"This should continue to push yields up across the board, but also invert the curve further," they said.Investors also continue to watch developments in Russia-Ukraine war. Russia's chief negotiator Vladimir Medinsky said draft peace treaty talks will resume on Monday, underlining that the Kremlin's position on Crimea and Donbas remains unchanged.Auctions are scheduled to be held on Monday for $57 billion of 13-week bills and $48 billion of 26-week bills.
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