Treasury yields are climbing off earlier lows.
The 2-yr note yield is up one basis point to 4.24% and the 10-yr note yield is flat at 3.51%.
U.S. Treasuries are on track for a higher start after three days of losses. The overnight session was quiet once again, as many markets in Asia remained closed for Lunar New Year celebrations.
Japan’s Manufacturing PMI remained in contraction for the third consecutive month in the flash reading for January, reaching its lowest level since late 2020.
Flash Manufacturing and Services PMI readings for the eurozone improved from their December levels, but Manufacturing PMI remained below 50.0, indicating continued contraction in the sector.
The U.S. Treasury will kick off this week’s note auction slate with a $42 bln 2-yr offering.
The U.S. Dollar Index is down 0.1% at 102.09.
2-yr: -1 bp to 4.22%
3-yr: UNCH at 3.89%
5-yr: -2 bps to 3.61%
10-yr: -2 bps to 3.51%
30-yr: -1 bp to 3.68%