U.S. government bonds flat after Lew’s speech

The U.S. sovereign bonds traded nearly flat on Monday after a speech by the U.S. Treasury Secretary and ahead of speeches from the presidents of the New York and Dallas Federal Reserves. The yield on the benchmark 10-year Treasury note which moves inversely to its price, moved mildly higher to 1.7351 pct, as the yield on the 30-year Treasury bond ticked up to 2.5696 pct.

The Treasury Secretary Jack Lew said the United States and other nations must work together to further revamp the International Monetary Fund, allowing it to focus more on exchange rates, current account imbalances and global demand shortfalls.

"We must work with our partners to further modernize the IMF, allowing it to intensify scrutiny of critical issues like exchange rates, current account imbalances, and shortfalls in global aggregate demand," Lew said in a speech before the Council on Foreign Relations in Washington.

On Friday, the New York Fed President Dudley reiterated dovish tones, highlighted by what he saw as asymmetric downside risks, adding that he continues to see in as appropriate to proceed cautiously in adjusting policy. This is not particularly shocking given the source, though it provides another layer of support to leave rates unchanged at the April FOMC meeting.

William Dudley, president of the Federal Reserve Bank of New York, is expected to speak at an annual conference for the Association for Neighbourhood and Housing Development at 9:25 a.m. ET. That will be followed by a speech by Dallas Fed President Rob Kaplan at a community forum hosted by the reserve in Ruston, Louisiana.

The market will primarily focus on the up-coming March retail sales, producer price index numbers and the Federal Reserve's Beige Book which are set to be released on Wednesday.

Additionally, markets receive 3-Year Note, 10-Year Note and 30-Year Bond auctions on Tuesday, Wednesday and Thursday, respectively.