Treasury yields rose on Tuesday to kick off a shortened trading week with investors looking ahead to fresh economic data.
The yield on the 10-year Treasury note ticked higher by about 3 basis points to 4.0030%. It had been hovering around the 4% mark for much of last week. The 2-year Treasury yield rose nearly 6 basis points to trade at 4.2069%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Investors are looking ahead to December retail sales data out Wednesday, which could fuel recessionary fears and concerns about economic growth if U.S. consumer spending cools.
Economists polled by FactSet anticipate an increase of 0.2% for the month, slightly under the 0.3% increase in November.
Data released Friday reflected an unexpected decline in wholesale prices in December, giving investors an optimistic signal for inflation. Many investors were hoping the Federal Reserve would cut rates more than expected this year, with the first reductions as early as March, although new figures have called this into question.
— CNBC’s Jeff Cox and Pia Singh contributed to this report.
