By Sunny Oh

Treasury yields ticked higher Monday as U.K. Prime Minister Boris Johnson sought parliamentary support for his break from the European Union, after a vote on his Brexit deal was delayed over the weekend.

What are Treasurys doing?

The 10-year Treasury note yield was up 2.9 basis points to 1.776%, while the 2-year note rate rose 1.9 basis points to 1.592%. The 30-year bond yield climbed 3.9 basis points to 2.281%.

Prices for U.S. government debt fall as yields rise.

What's driving Treasurys?

Bond markets recently have been moving in step with uncertainty surrounding Britain's plans to exit from the European Union, with Johnson renewing his efforts to get his Brexit deal ratified after a Saturday setback.

On the weekend, Johnson's bill was postponed by lawmakers, and then stymied by an amendment ensuring that any kind of agreement to leave the EU would have to pass through the House of Commons, the lower chamber of British Parliament. Johnson later asked EU officials for a three-month extension, but analysts say he will be looking to push for a deal before Oct. 31.

Mario Draghi will preside over his last meeting as the president of the European Central Bank this week. This comes as signs of friction (http://www.marketwatch.com/story/draghi-will-leave-lagarde-a-warring-ecb-2019-10-10) within its monetary policy-making committee have surfaced over the risks around additional easing in an ultralow interest rate environment.

Also in focus, auctions for $113 billion of Treasury debt will be held this week. U.S. government debt auctions can influence the price of outstanding bonds.

What did market participants' say?

"We think the uncertainty at present will prevent larger market moves, particularly as it appears now even more likely that the government can push the actual deal through the House of Commons. In either case, a near-term 'no deal Brexit' seems very unlikely indeed," wrote Peter Schaffrik, global macro analyst for RBC Capital Markets.

(END) Dow Jones Newswires

October 21, 2019 07:48 ET (11:48 GMT)

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