Updated from 11:46 a.m. ESTGlobal bearishness weighed on Treasuries on Monday ahead of upcoming data on consumer spending and housing. But some traders said the market is oversold and that a bounce is coming that could once again invert the 10- and two-year yields. Longer-dated maturities, such as the 10-year note and the 30-year bond, typically yield more than shorter-dated notes, because it's riskier to lend money for longer periods of time. But falling prices on the short end of the curve have lately pushed rates above those on the long end, causing an "inverted" yield curve, something that has been a reasonably reliable leading indicator of economic slowdowns in the past. Bond prices and yields move in opposite directions. The benchmark 10-year ended Monday down 4/32 of a point to yield 4.77%, near the highest it has been since June 2004, and the 30-year bond fell 8/32 of a point to yield 4.76%. The two-year was unchanged to yield 4.73%, and the five-year edged lower 1/32 of a point to yield 4.77%. Bond prices fell in the eurozone ahead of economic reports due out this week that are expected to show strong investor sentiment and growth. On March 2, the European Central Bank raised borrowing costs by 25 basis points to 2.5%, and is expected to further tighten the money supply. Prices also weakened in Japan as expectations firmed that the country will raise interest rates from 0%. The Bank of Japan, which has the lowest interest rates in the world, scrapped its deflation-fighting policy last week, the first step toward lifting borrowing costs. If interest rates worldwide rise, the Treasury market may no longer be considered the only safe haven in which foreign investors can get a real return. But the gap between rates in the U.S., the eurozone and Japan is still quite wide, and the fed funds futures contract is pricing in 100% odds that the Federal Reserve will take the overnight lending rate to 4.75% in March, according to brokerage Miller Tabak. The market has also priced in 100% odds that the funds rate will be 4.75% by the May 10 meeting, and 96% odds that it will be raised to 5.0% at that meeting.