Bond yields ticked slightly upward Tuesday as markets looked ahead to new data on housing, manufacturing and retail sales.
The yield on the benchmark 10-year Treasury note was up roughly one basis point at 2.805%, and the yield on the 30-year Treasury bond was up a basis point to 3.107%. The yield on the shorter-term 2-year Treasury note was also up roughly one basis point at 3.215%.
Yields move inversely to prices, and a basis point is equal to 0.01%.
Data on housing starts, mortgage applications and building permits will be released this week, which investors will be watching closely as a key insight into the construction industry’s reaction to a demand slowdown that’s been reported since June.
Permits in particular will indicate the direction of the housing market for the rest of the year, analysts say.
Data last week showed a slight slowdown in the blistering climb in U.S. consumer goods prices, which saw an 8.5% year over year rise in July — slightly less than expected due to a decrease in oil prices. Markets seem to think this may mean a slowdown in the Fed’s tightening cycle, though the Fed has not indicated this yet.
Four-week and eight-week treasury auctions are due Tuesday.