U.S. Treasury yields were higher on Monday as investors awaited key economic data due this week and digested the latest inflation insights.

The yield on the 10-year Treasury added 12.8 basis points at 4.471%. The 2-year Treasury yield advanced 3.8 basis points to 4.758%.

Yields and prices move in opposite directions and one basis point equals 0.01%.

Investors considered the latest economic data and looked ahead to insights from the labor market expected this week.

On Friday, the personal consumption expenditures price index showed that inflation slowed to its lowest annual rate in more than three years in May. So-called core PCE, which excludes food and energy, rose by a seasonally adjusted 0.1% on a monthly basis in May and 2.6% from a year earlier, which was in line with previous Dow Jones estimates.

Headline inflation including food and energy was flat from the previous month and increased 2.6% on an annual basis, which was also in line with forecasts.

The data comes as Federal Reserve officials have repeatedly said they are looking for more data evidence of inflation and the economy easing before making decisions about when and how often to cut interest rates this year.   

Further insights about the state of the economy are expected this week, when a series of labor market data is due.

That includes job openings figures for May, ADP's latest private payrolls report and the June jobs report, which includes nonfarm payrolls. Should the numbers indicate an easing of the labor market, hopes for interest rate cuts could be boosted.