A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell on August 5, 2022 at Wall Street in New York City.
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.
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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.
