Following a substantial sell-off during the previous Friday's session, treasuries experienced further declines in trading on Monday.
Bond prices came under pressure early on and remained persistently negative throughout the session. Consequently, the yield on the benchmark ten-year note—which inversely correlates with its price—rose by 3.9 basis points to 4.469 percent.
This increase added to the 14.9 basis point surge seen last Friday, continuing the rebound from the two-month closing low recorded last Thursday.
The sustained weakness in treasuries was fueled by anticipation of several key events later in the week, notably the Federal Reserve's monetary policy meeting.
The Fed is scheduled to announce its latest monetary policy decision on Wednesday, with the central bank widely expected to maintain current interest rates.
Since the decision is largely seen as predetermined, traders are expected to focus more keenly on Fed officials' latest economic and rate projections.
Ahead of the Fed announcement, the Labor Department is set to release its report on consumer price inflation for May.
Economists currently project a slight increase of 0.1 percent in consumer prices for May, following a 0.3 percent rise in April. Core consumer prices, which exclude food and energy, are expected to show a consistent increase of 0.3 percent for the second consecutive month.
The annual growth rate for consumer prices is anticipated to remain steady at 3.4 percent, while the annual core consumer price growth is expected to decelerate to 3.5 percent in May from 3.6 percent in April.
Additional reports on producer prices, import and export prices, and consumer sentiment and inflation expectations are also likely to garner attention later in the week.
