Treasury yields up ahead of Powell's testimony
United States Treasury yields moved higher on Tuesday after Federal Reserve Chair Jerome Powell's remarks prepared for his testimony before the Senate Banking Committee revealed that he will say that a monetary policy response would "certainly" follow a "sustained higher inflation" if leads to "a serious concern." Also, two Fed officials expect the central bank to begin scaling down its bond-purchasing program soon.
The yield on the benchmark 10-year Treasury note grew 4.9 basis points to 1.533% at 4:58 am ET, while the return on the two-year note added one basis point to reach 0.317% at 4:57 am ET, while the yield on the 30-year bond rose by 5.4 basis points to 2.053% at 4:57 am ET.
The two-year note futures were down 0.02%, the 10-year note futures were 0.12% lower and the 30-year bond futures declined 0.60% at 4:51 am ET.