U.S. Treasury yields move higher ahead of consumer spending data

U.S. government debt prices were lower Tuesday morning as markets entered their first trading day of the month.

At around 2:25 a.m. ET, the yield on the benchmark 10-year Treasury note rose to 0.7081%, while the yield on the 30-year Treasury bond jumped to 1.4832%. Yields move inversely to prices.

Investors are monitoring coronavirus’ news, but also possible moves to monetary policy, after the U.S. Federal Reserve said last week it was willing to let inflation surpass the 2% threshold for some time as it worked to revamp the economy. 

There will be manufacturing Purchasing Managers’ Index (PMI) at 9:45 a.m. ET, construction spending at 10 a.m. ET and the Dallas Fed Services numbers at 10:30 a.m. ET.

Furthermore, Federal Reserve Governor Lael Brainard will speak at 10 p.m. ET at an event.

There are no Treasury auctions scheduled.