note was last down by around five basis points to 4.1837%. It has had a volatile start to the week, falling early during Monday's trading day before recovering the decline.yield was last at 4.4856% after falling by 1 basis point. An auction of 2-year notes worth a total of $42 billion is due to take place on Tuesday.
After weeks of hawkish comments from Federal Reserve speakers, which indicated that rates would be hiked until inflation declined, thereported on Friday that some central bank officials were starting to feel uneasy about the speed of the hikes. Some investors have been concerned about the pace of rate hikes leading to a recession. On Monday, the S&P Global Composite PMI, which measures activity in the manufacturing and services sector, indicated that the U.S. economy is contracting as it declined to 47.3.
Traders have also been paying close attention to earnings reports, especially earnings estimates for the remainder of 2022 and 2023, to assess the state of the economy and consumer appetite.