Treasury yields hit session highs on Tuesday after Atlanta Federal Reserve President Dennis Lockhart has said it would take "significant deterioration" in the U.S. economy for him to not support a rate hike in September, according to the Wall Street Journal.
"I think there is a high bar right now to not acting, speaking for myself," Lockhart said in an interview with the newspaper published on Tuesday. "It will take a significant deterioration in the economic picture for me to be disinclined to move ahead."
The yield on the benchmark 10-year Treasury notes was last trading at a session high of 2.209, up 6 basis points on the day. The two-year note yield jumped 6 basis points to 0.63 percent after Lockhart's comments.
The yield on the 30-year ticked higher to 2.887 percent after closing at 2.86 percent. When a bond's yield falls, its price rises.
Oil prices edged higher in London trading on Tuesday following a steep fall in the previous session, as a high global production and a weakening economic outlook, especially in Asia, prompted analysts to warn of further falls.