10-year Treasury yield holds above 3% as investors absorb economic data

The yield on the benchmark 10-year Treasury note held above 3% Tuesday as investors monitored a fresh batch of economic data and looked ahead to the Jackson Hole economic symposium later in the week.

The 10-year Treasury yield rose 3 basis points to 3.065%, remaining above the 3% level after surpassing it for the first time in a month in the previous session.

The yield on the 30-year Treasury bond gained 3 basis points on the day to 3.271%, while the yield on the short-term 2-year Treasury note was nearly 4 basis points lower, trading at about 3.3%. Yields move inversely to prices, and a basis point is equal to 0.01%.


The market moves come ahead of U.S. Federal Reserve Chairman Jerome Powell's comments on Friday at the central bank's annual Jackson Hole economic symposium. Powell is expected to deliver a speech addressing the central bank's approach to taming inflation.

The Fed has previously indicated it would continue hiking rates until inflation starts falling back to a healthy level, although it is thought the central bank could soon decrease its pace of tightening.

The 10-year yield was negative earlier in the day after weaker-than-expected housing and PMI data. The 10-year, as high as 3.07% earlier, declined after a report that new home sales fell 12.6% in July, about 10 percentage points more than expected.

— CNBC's Patti Domm contributed to this report.