U.S. government bond prices are edging up after the European Central Bank said it wasn't planning to cap borrowing costs for the region's struggling countries.

The price of the 10-year Treasury note is up 6.25 cents for every $100 invested in Monday afternoon trading. The higher price nudged the yield down to 1.81 percent from 1.82 percent late Friday.

The European Central Bank played down a report that said the ECB may cap borrowing rates for struggling European governments. The report in Germany's Der Spiegel had lifted Treasury yields in early trading.

Treasury yields quickly reversed course after the ECB reportedly called the story misleading.

In other trading, the 30-year Treasury bond rose 15.6 cents, while its yield dropped to 2.92 percent from 2.93 percent late Friday.