U.S. Treasury yields rose Tuesday as investors monitored ongoing debt ceiling negotiations, and digested the latest economic data.
The 10-year Treasury yield was trading more than 3 basis points higher at 3.543%. The yield on the 2-year Treasury added more than 7 basis points at 4.078%.
Yields and prices move in opposite directions and one basis point is equivalent to 0.01%.
Treasurys
Investors awaited clues out of Washington on a deal to raise the debt ceiling before June 1. It's the earliest date the Treasury Department has said the U.S. could default on its debt obligations.
April retail sales rose 0.4% last month, lower than the 0.8% increase anticipated by economists polled by Dow Jones.
They also assessed comments from Fed officials and economic data as they weighed what could be next for interest rate policy and whether the U.S. economy is likely to contract.
Bostic told CNBC's "Squawk Box" on Monday that he does not believe inflation will decline quickly and rate cuts are therefore unlikely to be announced this year, regardless of a looming recession. He also noted that rates may even go higher still.
Minneapolis Fed President Neel Kashkari also called for caution in remarks at the Minnesota Transportation Conference and Expo, suggesting that the Fed's fight against inflation was not yet over.
Meanwhile, Chicago Fed President Austan Goolsbee told CNBC that the impact of the rate hikes announced so far has not yet fully filtered through into the economy, urging a careful approach to policy decisions.