The 10-year Treasury yield increases for the second consecutive day to 4.17%, with rate cut prospects being delayed.

The 10-year Treasury note yield increased for two consecutive days as investors considered the possibility of delayed interest rate cuts.

The yield on the rose increased by more than 13 basis points to 4.168%. The yield on the rose rose nearly 11 basis points to 4.478%.

An inverted relationship exists between yields and prices, with one basis point equal to 0.01%.

The U.S. services sector expanded at a faster-than-expected pace in January and grew for 13 consecutive months, as shown by fresh data released on Monday. This contributed to the move higher in yields.

As Federal Reserve Chair Jerome Powell stated, investors considered the future of interest rates while the central bank cautioned about making hasty decisions and cutting rates at a slower pace than anticipated.

As concerns about the impact of elevated rates on the economy persist, many investors are hoping for the Fed to cut rates sooner rather than later.

In recent days, traders have become less optimistic about the possibility of rate cuts, as the Fed has kept rates steady for four consecutive meetings and hinted that cuts may not occur in March.

The probability of a March rate cut has decreased to 16.5%, according to CME Group's FedWatch tool, as of Monday afternoon.