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U.S. government debt yields rose Tuesday after new Federal Reserve Chair Jerome Powell said the central bank could raise rates more than three times in 2018.
The 2-year Treasury note yield hit session highs of 2.274 percent, its highest level since Feb. 22 when the 2-year note yielded 2.274 percent.
The yield on the benchmark 10-year Treasury note jumped to around 2.897 percent at 4:15 p.m. ET following Powell's answer to a question about how many rate hikes the Fed would do this year. The yield on the 30-year Treasury bond was higher at 3.164 percent. Bond yields move inversely to prices.
Jerome Powell addressed Congress, detailing the central bank's outlook for monetary policy and economic growth for the coming years. The Fed Chair signaled that the option for more than three increases remains open.
"We've seen some data that in my case will add some confidence to my view that inflation is moving up to target," Powell told lawmakers. "We've also seen continued strength around the globe. And we've seen fiscal policy become more stimulative. So I think each of us is going to be taking the developments since the December meeting."
U.S. home prices increased 6.3 percent compared to December of 2016, according to the S&P CoreLogic Case-Shiller national home prices index. The rally in prices comes as demand skyrockets against record low supply.
U.S. consumer confidence topped 130.8 in February, a 17-year high. Feelings about short-term economic prospects accelerated in January after declining sharply the month before. The index takes into account Americans' views of current economic conditions and their expectations for the next six months.