Treasury yields dipped slightly on Monday as investors awaited potential progress in U.S.-Iran negotiations regarding the Strait of Hormuz reopening, ahead of President Trump's scheduled press conference. The 10-year yield fell to 4.331% from Friday's 4.344%, while the two-year yield dropped to 3.848% from 3.850%. Markets are closely monitoring Trump's remarks at 1 p.m. ET, expected to significantly impact trading.

Concurrently, the March services PMI and Employment Trends Index data, due at 10 a.m., will further shape investor sentiment. 70% probability of a Bank of Japan rate hike by April, fueled by rising oil prices, drove Japanese government bond (JGB) prices lower in Tokyo early trade, pushing the 10-year yield to its highest intraday level since February 1999. Citi Research's Tomohisa Fujiki noted the market's heightened pricing of rate hikes over the past two weeks.