The yield on the benchmark 10-year Treasury note rose on Tuesday as investors waited for a new batch of economic data and for clues on the way to monetary policy.
The yield on 10-year Treasury notes last rose 4 basis points to 2.9240%, while the yield on 30-year Treasury bonds rose 4 basis points to 3.1317%. Yield goes up in price and 1 basis point equals 0.01%.
Shortly after former Federal Reserve Chair Ben Bernanke, it came as the US Federal Reserve made a mistake in waiting to deal with an inflation problem that turned into the worst period in US financial history since the early 1980s.
Speaking to CNBC’s Andrew Ross Sorkin in an interview aired on Monday’s “Squawk Box” show, Bernanke said he understood why the central bank, led by Jerome Powell, had delayed its inflation response but, earlier, it was a mistake.
Bernanke led the Fed through the financial crisis that erupted in 2008 and presided over the expansion of unprecedented monetary policy.
Market participants on Tuesday could observe a flurry of Fed speeches. Most notably, Federal Reserve Chair Jerome Powell will speak at the Wall Street Journal’s Future of Everything Festival at approximately 2 pm ET.
Elsewhere, St. Louis Fed President James Bullard, Philadelphia Fed President Patrick Harker, Minneapolis Fed President Neil Kashkari, Cleveland Fed President Loretta Mester and Chicago Fed President Charles Evans are set to speak at separate events.
On the data front, April retail sales will be published at 8:30 AM ET, followed by industrial production statistics and April power usage data at 9:15 am ET. Both the business list for March and the National Association of Home Builders survey for May will be published shortly after the session.
The U.S. Treasury will auction 52 34 billion in 52-week bills on Tuesday.
– Jeff Cox of CNBC contributed to this report.