US yields pare rise after surprise N.Y. Fed index fall

NEW YORK: US Treasuries yields scaled back from earlier highs on Monday after the New York Federal Reserve said its index on regional business conditions fell in December to its lowest level in two years, missing market expectations for an increase.

The New York Fed's Empire State general business conditions index fell to -3.58 in December from November's 10.16 reading, falling to negative territory for the first time since January 2013.

The yield on benchmark 10-year Treasuries notes was last 2.111 percent, up 0.8 basis points from late on Friday. Before the New York Fed data, the 10-year yield hovered near its session high of 2.134 percent.