US yields pull back following earlier rise amid stronger manufacturing data

U.S. government debt yields pulled back on Tuesday following a marked move higher in the prior session thanks to solid manufacturing data in the U.S. and China.

Some fixed-income traders also pointed to looming Brexit concerns as a catalyst of Treasury demand.

The yield on the benchmark 10-year Treasury note fell to 2.479 percent, while the yield on the 30-year Treasury bond dipped to 2.881 percent. Bond yields move inversely to prices.

Market players digested strong manufacturing data of the U.S. and China.

U.S. factory activity expanded last month, data showed, rebounding from its lowest level since late 2016. A separate survey showed China's manufacturing activity also rebounded, expanding at its fastest pace in eight months.

The numbers cooled investor concerns over a potential global economic slowdown Monday, triggering a pivot toward riskier assets. Still, investors are still keeping a close eye on all datapoints, including the March jobs report (due out from the Labor Department on Friday) and capital goods orders.

The Commerce Department said Tuesday that new orders for key U.S.-made capital goods unexpectedly fell in February and shipments were unchanged. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, slipped 0.1 percent, dampened by softer machinery and computer demand.