NEW YORK (AP) -- Long-term Treasurys fell Monday as investors pulled back from a recent robust rally to take profits and plot their next move.

Investors looked past data showing national manufacturing near a five-year low and booked profits instead after a four-day winning streak for the 10-year note last week.

"The market has moved a long way," said Tom di Galoma, head of Treasurys trading at Jefferies & Co. "We are just slowing down a bit."

With the 10-year yield now at a paltry 3.57%, the note is less attractive, but Jefferies is likely to buy the 10-year yield when the yield returns to the 3.65% or 3.70% range, in di Galoma's view. Yields and prices move in inverse directions.

The weakening economy still provides strong impetus to buy Treasurys and Monday's losses are likely to be short-lived, he said.

The benchmark 10-year Treasury note fell 14/32 to 99 11/32 with a yield of 3.58%, up from 3.52 percent late Friday, according to BGCantor Market Data. Prices and yields move in opposite directions.

The 30-year long bond fell 1 1/32 to 98 19/32 with a 4.46% yield, up from 4.42%late Friday.

The 2-year note declined 3/32 to 100 21/32 with a 1.66% yield, up from 1.64% late Friday.

Numerous Treasury rallies since the start of the year have driven yields into sharply lower ranges. The 2-year note yield on Friday traded at 1.64%, its weakest level in four and a half years. Traders have been pushing it lower to reflect their view that the Federal Reserve will continue lowering rates to revive a flagging economy. The 2-year note is the most sensitive to rates policy.

The next monetary policy meeting is March 18. The bond market expects a rate cut of 0.50 percentage point.

The latest economic reports reinforced the view that the Fed, which has been aggressively cutting rates since last fall, will have no choice but to cut rates again soon.

The Institute for Supply Management said its February manufacturing index came in at 48.3. That's its weakest reading in nearly five years. Any reading below 50 indicates contraction.

Separately, the Commerce Department said construction spending in January took its biggest fall in 14 years, declining by 1.7%. The drop was not just in residential building, but also reflecting lower spending on hotels, highways and local government projects.

Bond market investors Monday also kept an eye on other markets, after oil prices surged to a new record and the dollar perched near its lowest historical standing against the euro.

The April crude contract Monday traded as high as $103.95, a new record, before backing a bit lower. The euro Monday stood at $1.5237, just below the $1.5238 intraday high it hit on Friday.

Surging commodities prices are another headache for the bond market, as they threaten to set off higher levels of inflation, even as the economy fumbles.

In another discouraging note for the markets, billionaire investor Warren Buffett Monday added his voice to a chorus of observers who believe the economy is in recession.