The 10-year U.S. Treasury yield struggled for direction on Tuesday morning, holding above the 1.59% mark.
The yield on the benchmark 10-year Treasury note was little changed at 1.591% at 8:00 a.m. ET. The yield on the 30-year Treasury bond rose by 2.6 basis points to 2.044%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The 10-year rate topped 1.6% early on Monday, following better-than-expected retail sales data on Friday, boosting investor sentiment on the economy.
In meeting minutes released last week, Federal Reserve officials indicated that the central bank had come close to reaching its economic goals and could soon look to start normalizing monetary policy by tapering its bond buying program.
In terms of data due out on Tuesday, building permit and housing project figures are set to be released at 8:30 a.m. ET.
Fed Governor Michelle Bowman is due to speak on diversity and the economic recovery at a conference hosted by the Federal Reserve Bank of Richmond at 1:15 p.m. ET.
Fed Governor Christopher Waller is due to discuss the economic outlook at the Stanford Institute for Economic Policy Research Associates Meeting at 3 p.m. ET.
An auction is scheduled to be held on Tuesday for $60 billion of 40-day bills.
— CNBC’s Jeff Cox contributed to this market report.
