U.S. Treasury yields rose Tuesday as traders looked to remarks from Federal Reserve speakers that could provide hints about the central bank's policy plans and awaited key economic data.
The yield on the benchmark 10-year Treasury was up by less than 1 basis points at 3.513%. The yield on the 30-year bond rose the same amount to trade at 3.627%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Treasurys
Traders are hoping for fresh hints about the Fed's interest rate policy plans from a series of central bank speakers throughout the week. On Tuesday this will include New York Fed president John Williams.
Uncertainty about whether the central bank will increase rates by 25 or 50 basis points at its next meeting on Jan. 31 and Feb. 1 has spread among traders in recent weeks. Many are concerned that the pace of the rate hikes implemented by the Fed so far in its fight against high inflation could drag the U.S. economy into a recession.
After announcing four consecutive 75 basis point rate hikes, the Fed slightly slowed the pace to 50 basis points at its last meeting in December. Many traders are hoping for the central bank to further slow, or completely pause, rate hikes this year.
Last week's consumer price index reading reflected that prices of goods and services fell by 0.1% on a monthly basis in December. Traders will get fresh insights into inflation developments on Tuesday when December's producer price index figures are due.