Two-year treasury yield almost hit 9-year high

Treasuries fell sharply on Monday, pushing the yield on the 2-year note close to a 9-year high of 1.414% (the highest level since November 3, 2008). 

The 10-year yield rose to 2.348%, while the 30-year yield advanced to 2.864%. 

The yields rallied sharply after the Institute of Supply Management (ISM) reported a sharp expansion in the manufacturing activity in June. The PMI rose to 57.8 in June from 54.9 in May. The actual figure printed way above the estimate of 55.6. 

Ahead in the week, the investors will be paying close attention to non-farm payrolls data due on Friday.