U.S. Treasury yields were higher on Tuesday, with the 10-year Treasury yield continuing to trade at multi-month highs as investors looked to upcoming economic data.
At 5:36 a.m. ET, the yield on the 10-year Treasury was up by over 2 basis points at 4.304%. It has been on the rise in recent days, reaching levels not seen in several months. The 2-year Treasury yield was last up by less than 1 basis point at 4.146%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
On Tuesday investors will be watching out for fresh consumer confidence insights and home price data as well as the latest JOLTS job openings figures. Those are the first of a series of labor market related data releases slated for the week. The ADP's private payrolls data and the all important October jobs report are also due in the coming days.
Also this week, the latest personal consumption expenditure price index is expected, which is the Federal Reserve's favored inflation gauge. Investors will be watching the data closely for hints about the monetary policy outlook.
Fed policymakers will however not be giving remarks off the back of the data releases or about their general policy and economic expectations as they are now in the so-called blackout period ahead of their next meeting on Nov. 6-7.
The central bank is set to make its next interest rate decision after cutting rates by 50 basis points when it last met in September, kicking off its first easing campaign in four years. Traders were last pricing in an almost 95% chance of a further rate reduction from the Fed next week according to CME Group's FedWatch tool.
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