U.S. Treasury yields climbed on Tuesday as investors monitored data reports offering fresh clues into the state of the economy and the potential Federal Reserve rate path.
The 10-year Treasury yield traded more than 4 basis points higher at 3.764%. The 2-year Treasury was last up 9 basis points at 4.764%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Treasurys
Wall Street scrutinized key data that signaled a resilient economy despite recession fears. May durable goods orders data that showed a surprising increase for the month, while home sales and consumer confidence came in stronger than expected. Attention remains focused on Friday's personal consumption expenditure price index report.
"Overall the U.S. economy is still chugging along, and that will complicate the disinflation process for the Fed," said Ed Moya, senior market analyst at Oanda.Â
Investors are also looking ahead to two appearances from Fed Chairman Jerome Powell. Many hope the remarks will offer clues about upcoming monetary policy moves.
His comments last week signaled that further interest rate hikes are likely and that the Fed's next moves would be data dependent. The remarks also suggested that this week's economic reports could inform the central bank's discussions at its upcoming policy meeting in July.
Investors also continued to watch developments in Russia after a brief rebellion from the Wagner Group, led by its chief Yevgeny Prigozhin, took place over the weekend.