U.S. Treasury yields steady as investors await Federal Reserve minutes

U.S. Treasury yields held steady near multiyear highs after a sharp sell-off the week prior, as investors look await the release of new data and minutes from the Federal Reserve's September minutes.

The benchmark 10-year Treasury was down less than 1 one basis point at 5.273%. The 30-year Treasury bond also declined marginally to 5.626%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

Investors have grappled with a bond market selloff over the past few weeks, while a lackluster monthly jobs report on Friday helped to bring yields down and alleviated concerns about another rate hike.

Traders are now pricing in a nearly 82% chance of the Fed keeping rates unchanged at its next meeting, according to the CME Group's FedWatch Tool.

On the economic data front, the Institute for Supply Management's services activity report is due Monday, while investors will be looking ahead to the minutes from the central bank's September meeting on Wednesday.

"The highly unsettled bond market makes the incoming US data and Fed communication particularly relevant," Deutsche Bank analysts said in a note. "So the minutes will be worth watching for how the broader Committee is framing the current tightening cycle and for its discussion of the neutral rate, where estimates shifted higher in the September SEP."