Treasury yields drifted higher on Tuesday morning, with the 10-year Treasury yield hitting a level not seen since February 2020.
The yield on the benchmark 10-year Treasury note climbed to 1.29% at around 4:15 p.m. ET, breaking above a the 1.28% level for the first time since February 2020. Meanwhile, the yield on the 30-year Treasury bond rose to 2.08%. Yields move inversely to prices.
"That opens up the 1.50% level," said John Briggs, head of strategy at NatWest Markets. The 10-year benchmark is widely watched as it influences mortgages and other loans.
Treasury yields were higher as investors continued to watch for progress on President Joe Biden's proposed $1.9 trillion stimulus package in Congress, as well as the coronavirus vaccine rollout in the U.S.
Auctions will be held Tuesday for $54 billion of 13-week bills, $51 billion of 26-week bills, $30 billion of 119-day bills and $30 billion of 42-day bills.
— with reporting from CNBC's Yun Li and Patti Domm.