Treasuries Close Nearly Flat Following Lackluster Session

(RTTNews) - Treasuries showed a lack of direction over the course of the trading session on Monday before ending the day roughly flat.

Bond prices spent much of the day 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 2.483 percent.

The choppy trading in the bond markets came as traders seemed reluctant to make significant moves amid uncertainty about the impact of President Donald Trump's new immigration policies.

On the U.S. economic front, the Commerce Department released a report showing that personal income increased by slightly less than expected in the month of December.

The report said personal income rose by 0.3 percent in December after inching up by 0.1 percent in November. Economists had expected income to rise by 0.4 percent.

The Commerce Department also said personal spending climbed by 0.5 percent in December after rising by 0.2 percent in the previous month. The increase in spending matched economist estimates.

Meanwhile, a separate report from the National Association of Realtors showed a bigger than expected rebound in pending home sales in the month of December.

NAR said its pending home sales index jumped 1.6 percent to 109.0 in December after tumbling by 2.5 percent to 107.3 in November. Economists had expected pending home sales to increase by 0.6 percent.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

Trading on Tuesday may be impacted by reaction to reports on home prices, consumer confidence, and Chicago-area business activity.