US Treasury yields tick higher after factory orders data show decline in February

At around 12:36 p.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.519%, while the yield on the 30-year Treasury bond was also higher at 2.927%.

Factory goods orders slipped 0.5% in February, according to a report from the Commerce Department. The decline stemmed from weak orders for machinery, equipment and computers and electronic products. Data for January was revised downward to unchanged instead of the initial 0.1 percent increase as previously reported.

Meanwhile, oil prices rose to their highest level since November 2018 on Monday. The upswing in crude futures comes amid OPEC’songoing supply cuts and U.S. sanctions against Iran and Venezuela.

Minutes from the Federal Reserve’s last meeting are due to be released on Wednesday.

Following the Fed’s most recent meeting in March, the central bank decided to maintain interest rates and hold off on any further increases this year.