U.S. Treasury yields were higher on Tuesday as investors await a fresh batch of data for further clues on the health of the economy.
The yield on the benchmark 10-year Treasury note was trading higher by 3 basis points at 3.228%. Meanwhile, the yield on the 30-year Treasury bond also rose around 4 basis points to 3.341%. Yields move inversely to prices.
Market participants have become increasingly concerned about the prospect of a recession in recent weeks as the Federal Reserve tries to cool soaring inflation with aggressive interest rate hikes.
On the data front, advance economic indicators for May will be released at around 8:30 a.m. ET, with the S&P CoreLogic Case-Shiller national home price index for April and the Federal Housing Finance Agency home pricing index for April set to follow slightly later in the session.
Consumer confidence figures and Richmond Fed surveys for June will both be published at 10 a.m. ET.
Elsewhere, the Group of Seven wealthy nations on Tuesday will conclude its summit in Germany. The meeting has seen G-7 leaders pledge to stand with Ukraine “for as long as it takes” amid Russia’s months-long onslaught.
NATO leaders on Tuesday will convene for the start of a high-stakes, three-day summit in Madrid. NATO chief Jens Stoltenberg has said the military alliance plans to increase its high-readiness force from 40,000 troops to “well over” 300,000 in the shadow of Russia’s war.
On Tuesday, Richmond Fed President Tom Barkin and San Francisco Fed President Mary Daly are scheduled to discuss the economic outlook at separate events.
The Treasury will auction $40 billion in 7-year notes.
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