We present an extensive study of the infrared (Delta V = 2) CO absorpt
ion bands in low-luminosity young stars at intermediate resolutions (R
approximate to 1000), and at high resolution (R approximate to 17000)
for a sub-sample. The bands are very common in YSOs and correlate wel
l with SED class in the sense that Class II sources tend to show CO ab
sorption while Class I sources do not. From the relative band strength
s a lower limit on the CO excitation temperature of 2300 K is derived.
The echelle spectra show that the majority of CO bandheads are broade
ned by less than 17 km s(-1) and point to a stellar photospheric origi
n rather than a disk; they also suggest that most YSOs are only slowly
rotating. The band strengths are inversely correlated with the therma
l infrared excess, which leads to a simple model in which the CO bands
from the central PMS star are veiled by continuum emission from circu
mstellar dust.