After initially moving the upside, treasuries pulled back over the course of morning trading on Monday before closing roughly flat.

Bond prices spent the afternoon lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 2.926 percent.

The roughly flat close by treasuries came amid lingering concerns about a global trade war after the U.S. and China announced plans to impose tariffs on billions of dollars worth of imported goods.

President Donald Trump announced plans to impose tariffs on $50 billion worth of Chinese goods last Friday, leading China to announce plans to impose tariffs on 545 products imported from the U.S.

Traders have expressed concerns the new tariffs announced by the U.S. and China could negatively affect global economic growth.

On the U.S. economic front, the National Association of Home Builders released a report showing an unexpected deterioration in homebuilder confidence in the month of June.

The report said the NAHB/Wells Fargo Housing Market Index dipped to 68 in June from 70 in May. Economists had expected the index to come in unchanged.

"Builders are increasingly concerned that tariffs placed on Canadian lumber and other imported products are hurting housing affordability," said NAHB Chairman Randy Noel.

He added, "Record-high lumber prices have added nearly $9,000 to the price of a new single-family home since January 2017."

Trading on Tuesday may be impacted by reaction to the Commerce Department's report on new residential construction in the month of May.

Housing starts are expected to rise to an annual rate of 1.317 million in May after slumping to a rate of 1.287 million in April.

by P2PNews Staff Writer

editorial@p2pnews.com

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