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US Treasurys rise as investors pore over key economic data

U.S. government debt prices were higher on Tuesday as investors digest fresh data releases.

The yield on the benchmark 10-year Treasury notes sat lower at 2.259 while the yield on the 30-year Treasury bond was also lower at 2.861 percent. Bond yields move inversely to prices.

"I think we're just following the rally in European bonds. The German 10 yr in particular. The economic data in both US and Europe today were a touch light relative to expectations," said analyst Peter Boockvar of The Lindsey Group.

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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Tuesday saw a slew of data, from economic indicators to auto sales.

Personal income in the United States was unchanged in June versus expectations of a 0.3 percent increase, according to Reuters.

Consumer spending ticked up in June, according to the Commerce Department. Personal consumption expenditures increased a seasonally adjusted 0.1 percent in June from the prior month, meeting the Street's 0.1 percent expectations.

ISM manufacturing index hit 56.3 in July; construction spending as down 1.3 percent in June versus forecasts of 0.4 percent growth, after falling 0.7 percent in May.

U.S. auto makers released monthly sales numbers throughout the day.

Fiat Chrysler said its U.S. vehicle sales dropped 10 percent in July while General Motors announced that it cut July sales to rental car fleets in the United States by 80 percent from a year ago, according to Reuters.

The data dump Tuesday will serve as a lead-up into Friday's U.S. employment report, which is often considered the most important economic report of the month. Economists polled by Reuters expect the U.S. economy to have added 180,000 jobs last month.

Investors will examine every piece of economic data this week for clues about the Federal Reserve's next monetary policy move. Market participants aren't expecting the Fed to raise rates again this year until December, but the central bank has hinted it could start rolling off its massive $4.5 trillion balance sheet in September.

The White House was once again on investors' radars after the recently appointed communications director Anthony Scaramucci was ousted on Monday. He was in the position for just 10 days.