Treasurys bounce off session lows as Yellen strikes dovish tone in her latest speech. The Fed chief says the central bank is "considerably" short of both dual-mandate goals--promoting jobs while keeping inflation steady. She says low rate of wage growth is another sign the Fed's job isn't done, the latest sign the most-prominent dove is in no rush to raise interest rates. Monday's data support her point--the Chicago PMI slid to 55.9 from February's 59.8. Still coming this week is ISM data and the March jobs report, key for setting the near-term bond-market outlook. The 10-year note is 11/32 lower, yielding 2.752%.
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