10-year Treasury yield holds above 1.6% ahead of Fed meeting – CNBC

U.S. Treasury yields fell slightly on Monday morning, but the 10-year held above the 1.6% mark, ahead of the Federal Reserve meeting later this week.

The yield on the benchmark 10-year Treasury note fell to 1.62% at 7 a.m. ET. The yield on the 30-year Treasury bond dipped to 2.378%. Yields move inversely to prices.

The Federal Open Market Committee is scheduled to meet on March 16 and 17. The Fed is expected to forecast better economic growth, following the signing of the $1.9 trillion coronavirus fiscal relief package last week.

Bonds investors will also be keeping an eye on whether the Fed alters its interest rate outlook, with its decision on rates due to be announced Wednesday after the FOMC meeting.

On Monday, the March New York Empire State Manufacturing Index is due out at 7:30 a.m. ET.

Data showing flows of foreign investment in U.S. Treasurys in January is expected out at 3 p.m. ET.

Auctions will be held Monday for $57 billion of 13-week bills and $54 billion of 26-week bills.

CNBC’s Maggie Fitzgerald contributed to this report.