U.S. Treasury yields retreated on Tuesday as concerns about a potential economic recession continued to send investors in search of safety.
At around 5:30 a.m. ET, the yield on the benchmark 10-year Treasury note was down at 2.8821%, while the yield on the 30-year Treasury bond slipped to 3.1106%. Yields move inversely to prices.
Markets reopened on Tuesday following the July Fourth holiday after the major averages finished another losing week, compounding one of Wall Street’s worst first halves in decades.
In this shortened week, investors are looking ahead to the release of June jobs report data on Friday. According to Dow Jones estimates, job growth likely slowed in June, with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.
Minutes from the Federal Reserve‘s latest monetary policy meeting will also come into focus on Wednesday as investors look to assess the central bank’s interest rate hiking trajectory.
Data on Tuesday includes May’s factory orders, while auctions will be held for $45 billion of 13-week Treasury bills and $42 billion of 26-week bills.