India, May 12 -- After ending last Friday's trading roughly flat, treasuries showed a substantial move to the downside during trading on Monday.
Bond prices moved sharply lower early in the session and remained firmly negative throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, surged 8.2 basis points to 4.457 percent.
With the sharp increase on the day, the ten-year yield shot up to its highest closing level in a month.
The steep drop by treasuries came after the U.S. and China reached a trade deal that drastically reduces the massive tariffs on each other's goods, reducing bonds' safe haven appeal.
The White House said the agreement calls for the U.S. and China to each lower t...