A worker sweeps the floor at the Nasdaq MarketSite in New York, US, on Monday, Sept. 16, 2024.
The 10-year U.S. Treasury yield was higher Monday as investors assessed the growth outlook following the Federal Reserve's jumbo rate cut last week.
The 10-year Treasury yield was up less than 1 basis point at 3.736%. The yield on the 2-year Treasury note was flat at 3.574%.
Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.
The 10-year Treasury yield ended last week almost 8 basis points higher after the Fed lowered rates by half a percentage point on Wednesday. Markets had raised the probability of the outsized move ahead of the meeting, but the announcement nonetheless surprised many economists.
Market participants are now questioning whether the move was good news for the U.S. economy, or a sign it is weakening more severely than previously thought.
Federal Reserve Chair Jerome Powell last week stressed he did not see signs that the risk of an economic downturn is "elevated," and said growth was continuing at a "solid rate."
He added that the central bank had conducted a "recalibration" of its policy stance to help maintain growth and support the labor market.
