US Treasury yields drop on oil and caution ahead of Fed minutes

Treasury prices in the US advanced, pushing the yields lower on account of wobbly oil prices and caution ahead of the Fed minutes release.

At the time of writing, the 10-yr yield was down almost two basis points at 1.77%. The 2-yr yield, which mimics rate hike bets, fell two basis points as well to 0.744%.

Markets are worried about fading prospects of major OPEC and non-OPEC producers reaching a production freeze accord at April meeting. Plus, there is caution among investors about the FOMC minutes due later this week.

The yield curve had flattened on Friday with the 2-Year yield breaking back above the 0.75% mark and the 10-Year yield falling further below 1.80%.