The two-year US Treasury yield rose by about 2.1 basis points as investors await Powell's testimony and US CPI data

At the New York closing on Monday (July 8th), the yield on the U.S. 10-year benchmark Treasury bond fell by 0.59 basis points for the fourth consecutive trading day, closing at 4.2725%, with trading ranging between 4.3155% and 4.2627% during the session. The yield on the 2-year U.S. Treasury bond rose by 2.08 basis points to 4.6243%, ending a three-day downtrend following the release of the U.S. non-farm payrolls report, the opening of Federal Reserve Chairman Powell's semi-annual testimony, and ahead of the release of U.S. CPI data. The spread between the 3-month Treasury bill and the 10-year U.S. Treasury bond yield decreased by 0.509 basis points to -111.131 basis points. The 2/10-year U.S. Treasury bond yield spread decreased by 2.601 basis points to -35.591 basis points. The yield on U.S. 10-year Treasury Inflation-Protected Securities (TIPS) remained roughly unchanged at 2.0036%