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Treasuries Extend Recent Uptrend With Modestly Higher Close

After initially showing a lack of direction, treasuries moved modestly higher over the course of the trading session on Monday.

Bond prices moved roughly sideways in afternoon trading, hovering in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.8 basis points to 2.473 percent.

The modest strength that emerged among treasuries reflected a continuation of the upward momentum seen following the Federal Reserve's monetary policy announcement last week.

While the Fed raised rates by a quarter point as widely expected, the central bank's projections called for only two more rate hikes this year.

The unchanged outlook for rate hikes this year offset concerns that the Fed intends to accelerate the pace of rate increases.

In an interview on CNBC's "Squawk Box," Minneapolis Fed President Neel Kashkari said he voted against the rate hike because inflation is still below the central bank's 2 percent target.

Nonetheless, traders seemed somewhat reluctant to make significant moves amid a quiet day on the U.S. economic front.

The economic calendar remains relatively light throughout the week, although traders are likely to keep an eye on reports on new and existing home sales and durable goods orders.

Amid another quiet day on the U.S. economic front on Tuesday, traders are likely to keep an eye on speeches by several Federal Reserve officials.

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May 28 at 3:04 UTC