On Monday, U.S. Treasury yields saw a slight increase as investors weighed the economic outlook and the possibility of an end to the Federal Reserve’s interest-rate hiking cycle. At 3:31 a.m. ET, the 10-year Treasury yield was over three basis points higher at 4.4764%, up from the 4.379% low it briefly touched on Friday. The 2-year Treasury yield rose by less than one basis point to 4.9151%.

Investors have been considering the economic outlook and the monetary policy of the Federal Reserve, with growing hopes that the central bank is done hiking rates. Last week, both the producer and consumer price index came in lower than expected, suggesting that inflation is easing and the Fed’s interest rate hikes are having their desired effect on cooling down the economy. With December being when Fed officials are set to meet again, expectations are for interest rates to remain unchanged and possibly even begin cutting rates in the future based on recent economic data.

This month, investors will be eagerly awaiting more insight into the Fed’s considerations and expectations as they wait for minutes from its last meeting to be released. Bond markets will have a shortened week as they will remain closed on Thanksgiving day and close early on Friday due to holiday celebrations.

It’s important to note that yields move in opposite directions with prices, while a basis point is equivalent to 0.01%.