10-year Treasury yield struggles to head Tuesday
The 10-year US Treasury yield struggled to move on Tuesday morning, holding above the 1.58% mark.
The benchmark 10-year Treasury bill yield was virtually unchanged at 1.584% at 3:45 a.m. ET. The yield on 30-year Treasuries rose more than a basis point to 2.036%. Yields move in the opposite direction of prices and 1 basis point equals 0.01%.
The 10-year rate rose above 1.6% on Monday morning, after better-than-expected retail sales data on Friday, boosting investor sentiment on the economy.
In the minutes of the meeting released last week, Federal Reserve officials indicated that the central bank was on track to meet its economic targets and may soon begin to normalize its monetary policy by cutting its program of purchase of bonds.
In terms of data expected on Tuesday, the figures for building permits and housing projects are expected to be released at 8:30 a.m. ET.
Fed Governor Michelle Bowman is due to speak on diversity and economic recovery at a conference hosted by the Federal Reserve in Richmond at 1:15 p.m. ET.
Fed Governor Christopher Waller is due to discuss the economic outlook at the Stanford Institute’s Economic Policy Research Associates meeting at 3 p.m. ET.
An auction is scheduled for Tuesday for $ 60 billion in 40-day bills.
– CNBC’s Jeff Cox contributed to this market report.