Traders are awaiting the release of the Federal Reserve's latest FOMC meeting minutes later this week, sending US Treasury yields lower on Monday.

The 10-year Treasury yield, a key benchmark for mortgage, auto loan, and credit card debt, fell more than 2 basis points to 4.6743%. The 2-year Treasury yield, which typically moves in line with the Fed's short-term interest rate decisions, declined over 1 basis point to 4.1542%. The 30-year Treasury yield, which is more sensitive to geopolitical developments, dropped more than 2 basis points to 5.2445%. A basis point equals 0.01%; bond yields and prices move inversely.

Key US Treasury yields:

US 10-year Treasury: 4.676%, -0.02
US 1-month Treasury: 3.709%, +0.016
US 1-year Treasury: 3.969%, -0.008
US 2-year Treasury: 4.152%, -0.019
US 30-year Treasury: 5.252%, -0.014
US 3-month Treasury: 3.793%, unchanged
US 6-month Treasury: 3.916%, +0.005

Last Friday, Treasury yields rose after US retail sales unexpectedly fell 0.6% month-over-month in July, following a flat reading for July's Producer Price Index (PPI). Market conditions reversed on Monday.

Investors will turn their attention to the release of the July FOMC meeting minutes on Wednesday, hoping to gain further insight into the Federal Reserve's latest monetary policy thinking and the potential path for future interest rates. At its July 29 meeting, the Fed voted 9-3 to keep the benchmark interest rate range unchanged at 3.50%–3.75% for the fifth consecutive time. The three dissenting votes came from Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan, who each advocated for a 25-basis-point rate hike.