10-year Treasury yield rises ahead of Powell comments

Yields and prices have an inverted relationship. One basis point equals 0.01%.

Traders considered the effect of the assassination attempt on Trump on markets and the economy ahead of the November election. Investors will often buy Treasuries during geopolitical tumult, but they appeared to not be doing so Monday with bond prices mostly lower and yields higher.

Bryn Jones, head of fixed income at Rathbones, told CNBC on Monday that there had been “remarkably little” commentary from economists on the shooting. Investors remained more focused on inflation, unemployment and the questions surrounding whether the Federal Reserve will cut interest rates, he said in emailed comments.

Investors also looked ahead to a series of remarks from Federal Reserve officials slated for the week. Powell speaks at the Economic Club of Washington, D.C., at 12:30 p.m. ET on Monday.

Many are hoping that the remarks will provide fresh hints about the path ahead for interest rates, and when the first interest rate cut could happen. This comes after last week’s inflation data, which saw the consumer price index, or CPI, unexpectedly decline, while the producer price index came in hotter than expected.

The CPI fell 0.1% in June from May and came in at 3% on an annual basis. A 0.1% increase was expected on a monthly basis and 3.1% rise from a year earlier. Wholesale prices climbed 0.2% in June from the previous month, above the forecast 0.1% rise.

Several key data points that could provide clues about the state of the economy are also due this week, including retail sales and building permit figures.