Treasury bonds pulled back Monday as an upbeat economic release out of Germany and looming new U.S. government debt sales sapped demand for haven assets. In recent trading, the benchmark 10-year note was 5/32 lower, yielding 2.335%, according to Tradeweb. Yields rise as prices fall. The yield was 3% at the start of the year.

A $28 billion sale of two-year notes are due at 1 p.m. Monday, the first leg of this week’s $105 billion new government note auctions.

Meanwhile, the Ifo Institute said Monday that its monthly business confidence survey rose to 104.7 from 103.2 in October, breaking a string of six-straight monthly declines. Economists surveyed by The Wall Street Journal had expected a reading of 103.

The report offered some relief to the gloomy sentiment toward the eurozone’s growth.

Worries over the eurozone’s flagging economic growth and alarmingly low inflation have been one of the main factors boosting demand for ultra-safe Treasury bonds this year.

The European Central Bank has stepped up its monetary stimulus to support the economy, and the liquidity has sent bond yields in the eurozone broadly lower. Treasury bonds offer superior yields compared to government bonds in Germany, luring buyers looking for relative value in high-quality sovereign debt.

European Central Bank President Mario Draghi signaled Friday that the central bank may provide additional monetary stimulus, raising speculation that it may buy sovereign government bonds in the eurozone.

The comment sent government bond yields in both the U.S. and the eurozone lower on Friday.

The uneven pace of the global economy has drawn investors into U.S. government bonds this year even as the U.S. economy has gained traction and the Federal Reserve wound down its monthly bond buying.

The Fed stopped buying bonds late last month, but the yield on the 10-year Treasury note has been trading between 2.27% and 2.4% this month.

Earlier this month, the Treasury sold $66 billion new government bonds due in three years, 10 years and 30 years, and demand has been in line with recent averages. A $24 billion sale of 10-year notes on Nov. 12 still drew decent demand from foreign investors–the 44.7% indirect bid matched the average from the previous eight sales.

Fed officials have signaled patience in raising official interest rates from near zero amid contained inflation. Many investors expect the Fed to start raising rates in the second half of 2015. Traders said the slow approach in rate increases has bolstered investors’ confidence that bond yields would not rise sharply.