U.S. Treasury yields also dipped Monday after a disappointing manufacturing report added to further doubts that the Fed would raise rates as soon as September, reports Min Zeng for the Wall Street Journal.

Meanwhile, the ECB has been implementing a €60 billion, or $65.7 billion, per month quantitative easing program, which has helped push down yields across the Eurozone. For instance, 10-year German bunds only yield 0.63%, compared to its long-term average of 2.7%. Additionally, the spread between German and U.S. government bonds are nearing their widest level.

Consequently, with pension requirements rising for an aging populace, both Europe and U.S. demand for income has increased, according to Roger Webb of Aberdeen Asset Management.

iShares 7-10 Year Treasury Bond ETF

For more information on the Treasuries market, visit our Treasury bonds category.

Max Chen contributed to this article.