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Treasury auctions $24B of 3-year notes at a high yield of 0.89%

Symbol
Yield
 
Change
%Change
US 3-MO
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US 1-YR
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US 2-YR
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US 5-YR
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US 10-YR
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US 30-YR
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U.S. sovereign bonds prices held lower Tuesday after a Treasury Department auction of three-year notes.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose to 1.775 percent, while the yield on the 30-year Treasury bond climbed to 2.603 percent.

The Treasury sold $24 billion in three-year notes at a high yield of 0.89 percent. The bid-to-cover ratio, an indicator of demand, was 2.72 versus a recent average of 3.05.

Indirect bidders, which include major central banks, were awarded 56 percent, the highest since January. Direct bidders, which include domestic money managers, bought 11.5 percent.

On the data front, investors digested export and import prices for the month of March, with imports prices rising 0.2 percent and exports remaining unchanged.

Federal budget numbers for the month of March are expected to show a deficit of $104 billion, compared to a shortfall of $52.9 billion in February.

Some Federal Reserve members are set to take the stage Tuesday, including San Francisco Fed President John Williams, who will deliver a speech at the online lending Lendit conference at 3 p.m. ET.

Finally, Richmond Fed President Jeffrey Lacker will speak as part of the University of North Carolina's Distinguished Lecture Series on Economic Leadership in an Uncertain World. That's at 4 p.m. ET.