U.S. Treasury yields moved lower on Tuesday morning, with investors evaluating safe-haven assets amid the escalated geopolitical tensions between Russia and Ukraine.
The yield on the benchmark 10-year Treasury note fell 1 basis point at 1.9788% at around 2 a.m. ET. The benchmark 10-year rate hit the 2% level last week following the hottest inflation reading in four decades.
The yield on the 30-year Treasury bond slipped 2 basis points to trade at 2.2760%. Yields move inversely to prices and a basis point equals 0.01%.
Yields moved higher on Monday as St. Louis Fed President James Bullard reiterated his call for the central bank to take aggressive steps to fight inflation in the first half of 2022. Bullard told CNBC that the Fed should “front-load” the tightening of its monetary policy.
Earlier on Monday, yields were lower but came back following comments from Russia’s Foreign Minister Sergey Lavrov to Vladimir Putin that appeared to suggest Russia would continue talks with EU and NATO over Ukraine.
On the data front, a January producer price index is due out at 8:30 a.m. ET on Tuesday, with an Empire State Manufacturing survey due at the same time. No Treasury auctions are scheduled for Tuesday.
— CNBC’s Maggie Fitzgerald contributed to this article.
