U.S. Treasury yields slumped on Tuesday morning, as concerns over the omicron Covid variant continued to weigh on stock markets, with investors seeking out safe haven assets.
The yield on the benchmark 10-year Treasury note dropped by 9 basis points to 1.4324% at 4 a.m. ET. The yield on the 30-year Treasury bonds fell 6 basis points to 1.8139%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Fed Vice Chair Richard Clarida is due to speak at the Federal Bank of Cleveland at 1 p.m. ET on Tuesday.
On the data front, the September S&P/Case-Shiller Home Price index is expected to be released at 9 a.m. ET. The November CB Consumer Confidence index is then due out at 10 a.m. ET.
Auctions are scheduled to be held for $34 billion of 52-week bills and $30 billion of 21-day bills.
— CNBC’s Yun Li contributed to this market report.
