After the long weekend, the U.S. Treasury yields search for direction.

On Monday, the 10-year U.S. Treasury yield remained unchanged after the long Easter weekend, while the 2-year yield decreased slightly.

The yield on the 2-year Treasury note was 2 basis points lower at 4.5972% at 4:25 a.m. ET, while the benchmark rate was trading around 4.2004%.

Prices and yields move in opposite directions, with one basis point equal to 0.01%.

The Bureau of Economic Analysis' personal consumption expenditures reading for February, which is the Fed's preferred inflation gauge, was released on Friday. The PCE, excluding food and energy, rose by 2.8% on a 12-month basis and was 0.3% higher from a month earlier, meeting expectations.

The CME Group's FedWatch Tool indicates that traders anticipate the Federal Reserve to remain unchanged in May and have a 55% chance of a rate cut in June.

Last week, Fed Governor Christopher Waller stated that there was "no rush to cut the policy rate." He explained that recent data suggested it was "prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2 percent."

As there is an increasing belief that the Fed may maintain its current interest rates for a more extended period than anticipated, his remarks were made in this context.

According to Steven Blitz, the chief U.S. economist at TS Lombard, the probability of the Federal Reserve making interest rate cuts this year is looking promising.

Even if the Fed does not cut interest rates this year, Blitz predicted that markets will still rise.

Tony Dwyer of Canaccord Genuity believes that a declining job market and decreasing inflation will eventually prompt the Fed to take action.

"The firm's chief market strategist advised CNBC's "Fast Money" on Thursday that they don't have to go back to zero, but they need to be more aggressive. He also mentioned that one of the most aggressive topics he discusses with clients is the poor quality of the incoming data."

On Monday, there will be 13-week and 26-week Treasury auctions, along with the ISM manufacturing figures for March and construction spending for February. The jobs report for March is scheduled for Friday and will be closely monitored.