• The yield on the benchmark 10-year Treasury note rose to 1.364%.

U.S. Treasury yields moved higher on Monday after bouncing between gains and losses earlier in the session.

The yield on the benchmark 10-year Treasury note rose to 1.364%, while the yield on the 30-year Treasury bond advanced to 2.173%. The 10-year traded above 1.37% and below 1.33% earlier in the day. Yields move inversely to prices.

Yields eased back in morning trading following comments from European Central Bank President Christine Lagarde that her team was monitoring rising rates. Rates rose again later in the session.

Bleakley Advisory Group's Peter Boockvar said Lagarde "will be less inclined to accept a rise in long-term rates" relative to some other central bankers. Fed chair Jerome Powell is set to address Congress on Tuesday and Wednesday.

The White House said it expects to finish sending out millions of doses of coronavirus vaccines this week, after a sweeping winter storm disrupted its distribution logistics, helping to boost optimism about an economic recovery.

Meanwhile, January data from the Chicago Fed National Activity index showed a month-over-month increase, while the Dallas Fed's Texas manufacturing survey showed "markedly faster" expansion in the state's factory activity.

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

— CNBC's Amanda Macias and Jesse Pound contributed to this report.