U.S. Treasury yields retreated slightly Tuesday after the 2-year rate hit its highest level since November 2007 in the previous session.
The yield on the short-term 2-year Treasury note fell 2 basis points to 3.405, still ahead of the near-15-year high.
The yield on the benchmark 10-year Treasury note dropped 5 basis points to 3.06%. The yield on the 30-year Treasury bond was also 4 basis points lower at 3.204%.
Yields move inversely to prices, and a basis point is equal to 0.01%.
Markets are still processing a Friday speech by U.S. Federal Reserve Chair Jerome Powell, in which he said the central bank would continue raising interest rates at a level that may cause “some pain” to the economy.
Powell’s comments led to two days of declines for the major U.S. stock market averages.
U.S. stock futures were higher Tuesday morning, as European markets made early gains. The dollar index also weakened slightly after hitting a 20-year high Monday in the wake of market volatility.
Investors will have fresh economic data to process this week, with Tuesday’s U.S. releases including the FHFA home price index for June, the Conference Board’s consumer confidence survey for August, and the Bureau of Labor Statistics’ job openings release for July.
August data on nonfarm payrolls will be released on Friday.
— CNBC’s Jeff Cox contributed to this report.