The yield on the US 10-year Treasury note held near 4.14% on Monday, steady around a three-week high as traders awaited comments from several Fed officials - including Chair Powell - for signals on the policy outlook. St. Louis Fed President Alberto Musalem noted that rates are currently “between modestly restrictive and neutral” and warned there is limited room for further cuts without becoming overaccommodative. Last week, the Fed lowered the funds rate for the first time this year and signaled another 50 bps of reductions ahead, though Chair Powell emphasized the move did not mark the start of a new easing cycle. Markets will also focus on Friday’s PCE report for fresh inflation data and a busy slate of Treasury auctions this week, including $69 billion in 2-year notes on Tuesday, $70 billion in 5-year notes on Wednesday, and $44 billion in 7-year notes on Thursday.