U.S. Treasury yields dipped on Tuesday morning, amid concerns about inflation and weaker economic growth.
The yield on the benchmark 10-year Treasury note fell less than a basis point to 1.6317% at 4:30 a.m. ET. The yield on the 30-year Treasury bond fell less than a basis point to 2.0783%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The 10-year rate traded as high as 1.673% earlier during Monday’s session but fell back to hover above 1.63%. U.S. stock markets closed the previous session at record highs, amid strong company earnings reports. However, concerns about a combination of rising inflation and slowing economic growth, also known as “stagflation,” continue to plague investor sentiment.
On Tuesday, the number of new homes sold in the U.S. in September is due to come out at 10 a.m. ET. Economists polled by Dow Jones are expecting that home sales grew 760,000 in September, up from 740,000 in August.
The October CB consumer confidence index is also set to be released at 10 a.m. ET.
Auctions are scheduled to be held on Tuesday for $40 billion of 48-day bills and $60 billion of two-year notes.
— CNBC’s Maggie Fitzgerald contributed to this market report.