2019.03.1815:25:00UTC+00Treasuries Close Little Changed Following Choppy Trading Day

Treasuries showed a lack of direction over the course of the trading session on Monday before ending the day slightly lower.

Bond prices spent most of the trading day lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its prices, crept up by less than a basis point to 2.602 percent.

The choppy trading on the day came as traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement later this week.

The Fed is widely expected to leave interest rates unchanged, although traders are likely to keep a close eye on the accompanying statement for clues about the outlook for rates.

The central bank's economic projections and Fed Chairman Jerome Powell's subsequent press conference are also likely to be in focus.

Meanwhile, traders largely shrugged off a report from the National Association of Home Builders showing homebuilder confidence has held steady in the month of March.

The report said the NAHB/Wells Fargo Housing Market Index came in at 62 in March, unchanged from February. Economists had expected the index to inch up to 63.

"Builders report the market is stabilizing following the slowdown at the end of 2018 and they anticipate a solid spring home buying season," said NAHB Chairman Greg Ugalde.

A report on factory orders may attract some attention on Tuesday, although trading activity is likely to remain subdued ahead of the Fed announcement on Wednesday.