• 10 Republican senators sent a letter to Biden on Sunday asking him to consider a smaller, alternative Covid-19 relief spending plan.
• Auctions will be held Monday for $54 billion of 13-week bills and $51 billion of 26-week bills.

U.S. Treasury yields dipped slightly on Monday, the first trading day of February.

The yield on the benchmark 10-year Treasury note fell to 1.07% around 4:15 p.m. ET, while the yield on the 30-year Treasury bond slumped to 1.84%. Yields move inversely to prices.

U.S. government bonds yields ebbed lower at the start of the week, after 10 Republican senators sent a letter to Biden on Sunday asking him to consider a smaller, alternative Covid-19 relief spending plan.

Auctions will be held Monday for $54 billion of 13-week bills and $51 billion of 26-week bills.

— CNBC's Amanda Macias contributed to this report.

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