U.S. Treasury yields climbed on Tuesday as investors continued to weigh rising inflation around the world and the possibility of a slowdown in economic growth.
The yield on the benchmark 10-year Treasury note was up 7 basis points at 2.821% at 6:19 a.m. ET. The yield on the 30-year Treasury bond rose 5 basis points to 3.033%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Treasurys
Euro zone data released Tuesday showed prices rising for a seventh straight month, with inflation coming in at 8.1% for May. Oil prices rose broadly Tuesday, adding to concerns of strong inflation slowing down economic growth.
However, a U.S. inflation reading on Friday indicated that pricing pressures could be starting to ease, which boosted sentiment.
“There’s been progress over the past two weeks, and it appears we have met peak inflation and peak hawkishness,” wrote Tom Essaye of The Sevens Report. “But the key is the speed of the decline, and right now it’s not fast enough to say this key to the bottom has been satisfied.”
This week, investor focus will be on jobs data, with the closely watched nonfarm payrolls report due out on Friday.
— CNBC’s Sarah Min contributed to this market report.
