US Treasurys edge higher amid uncertainty following Trump's protectionist speech

U.S. government debt prices were slightly higher on Monday as investors digested President Donald Trump 's protectionist tone in his inauguration speech.

"We must protect our borders from the ravages of other countries making our products, stealing our companies, and destroying our jobs," Trump said on Friday. "Protection will lead to great prosperity and strength. I will fight for you with every breath in my body and I will never ever let you down."

The yield on the benchmark 10-year Treasury notes (U.S.:US10Y), which moves inversely to price, was lower at around 2.39 percent, while the yield on the 30-year Treasury bond was also lower at 2.988 percent.

President Trump signed an executive order to formally withdraw from the Trans-Pacific Partnership (TPP) , a trade agreement among 11 other Pacific Rim countries.

Trump is also expected to sign an executive order as early as Monday that will put in motion the renegotiation of the North America Free Trade Agreement (NAFTA).

Separately, Trump said Monday he believes his administration can cut regulations by 75 percent or "maybe more." "We're going to be cutting regulation massively," he told reporters.

There are no major U.S. economic data reports scheduled to be released on Monday.

In oil markets, prices eased on Monday as the likelihood of rising U.S. production weighed on the market. Energy companies in the U.S. added the most rigs drilling for new production in nearly four years.

Brent crude (Intercontinental Exchange Europe: @LCO.1) traded at around $55.26 a barrel on Monday, down 0.38 percent, while U.S. crude (New York Mercantile Exchange: @CL.1) was around $52.77 a barrel, down .85 percent.

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