U.S. Treasury yields fell on Tuesday as earnings season kicked into full gear and provided hints into the state of the U.S. economy.
The yield on the benchmark 10-year Treasury fell about 7 basis points to 3.456%. The 2-year Treasury yield was last trading at around 4.21% after falling by 3 basis points.
Yields and prices have an inverted relationship and one basis point is equivalent to 0.01%.
Treasurys
The move in yields came as investors assessed earnings results from the likes of 3M and General Electric, and looked ahead to more reports that could offer clues into how companies are faring as rates remain elevated.
Many investors are also concerned that the pace of rate hikes implemented by the Federal Reserve in an effort to curb persistent inflation could drag the U.S economy into a recession.
At the same time, questions lingered over whether the central bank will announce the second consecutive 50 basis point increase, or slow its tightening the pace at its policy meeting next week.