U.S. Treasury yields fell on Tuesday, as selling in the equity markets picked up once again.
The yield on the benchmark 10-year Treasury note fell 5 basis points to 2.81% at 6:07 a.m. ET. The yield on the 30-year Treasury bond moved 4 basis points lower to 3.023%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The moves came as U.S. stock futures were under pressure, pointing to a lower open on Wall Street. Futures tied to the Dow Jones Industrial Average fell 240 points, or 0.8%. S&P 500 and Nasdaq 100 futures were off by 1.1% and 1.7%, respectively.
Tuesday’s moves come as concerns over rising inflation linger, and investors keep an eye on how the Federal Reserve tries to quell the inflationary pressures.
The Fed has already hiked rates twice this year, and one of those rate increase was of 50 basis points.
Fed Chair Jerome Powell is due to give the welcoming remarks at the National Center for American Indian Enterprise Development 2022 Reservation Economic Summit, at 12:20 p.m. ET.
The effects of rising inflation on the economy and how this is feeding through into data, are being closely watched by investors, given growing fears of a recession.
On Tuesday, S&P Global’s flash purchasing managers’ index readings for May are scheduled for release at 9:45 a.m. ET. April’s new home sales data is then due out at 10 a.m. ET.
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