Treasury yields moved higher Tuesday following a poor auction on the five-year note and as investors await fresh data releases on inflation.
The benchmark 10-year note yield rose almost 7 basis points to 4.542%, while the 2-year Treasury yield shed more than 2 basis points to 4.974%.
Watch NBC 5 free wherever you are
WATCH HEREYields and prices move in opposite directions. One basis point equals 0.01%.
Yields perked up after a $70 billion Treasury Department auction of 5-year notes was met with weak demand. The bid-to-cover ratio, a widely followed demand gauge, came in at 2.3, below a 10-auction average of 2.45.
Get top local stories in DFW delivered to you every morning with NBC DFW's News Headlines newsletter.
SIGN UP Investors are hungry for more data on the economic and inflationary picture after the minutes from the Federal Reserve's latest meeting, released last week, showed uncertainty among policymakers about when to ease policy. On Friday, they will parse the April personal income and expenditures report, which includes a measurement of price movements across a range of consumer expenses.
On Tuesday, Conference Board data showed consumer confidence unexpectedly increased. However, expectations for inflation also climbed.
Minneapolis Federal Reserve President Neel Kashkari told CNBC on Tuesday that it would require "many more months of positive inflation data" to convince him that the Fed should cut rates once or twice this year.
Money Report
Traders expect the Fed to stay on hold until at least September, when the central bank is expecting to start lowering rates gradually.
