Treasuries gained Monday, outperforming a supply-driven selloff in European government bonds, as Federal Reserve officials highlighted offsetting risks facing the U.S. economy.
The 10-year yield was lower by 3 basis points at about 2.47 percent at 3:30 p.m. in New York, near its session low reached concurrently with the 10-year gilt yield. U.K. yields fell with sterling after the U.K. said it will trigger the process to leave the European Union on March 29. Belgium led euro-zone yields higher after an auction of 10-year debt.
Treasuries extended last week's rally, which gathered pace after the Fed hiked while maintaining its rate forecasts. On CNBC Monday, Minneapolis Fed President Neel Kashkari, the lone dissenter on the increase, said growth was still too slow, while Chicago Fed President Charles Evans on Fox Business said inflation is his main concern.