U.S. Treasury yields climbed Tuesday as investors continued to weigh rising inflation around the world and the possibility of a slowdown in economic growth.
The yield on the benchmark 10-year Treasury note rose 12 basis points at 2.871% around 4:10 p.m. ET. The yield on the 30-year Treasury bond rose 10.7 basis points to 3.083%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
At the start of May, the Federal Reserve hiked interest rates by half a percentage point to address persistently hot inflation.
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WATCH HERE"Fed Chair Powell hasn't given clear guidance around what constitutes a 'sustainable decline' in inflation or how much financial conditions need to tighten," Wolfe Research's Chris Senyek said in a note Tuesday.
Inflation continues to be a top-of-mind concern for investors. Euro zone data released Tuesday showed prices rising for a seventh straight month, with inflation coming in at 8.1% for May. In the U.S., the core personal consumption expenditures price index — the Fed's preferred inflation gauge — rose by 4.9% in April from a year ago.
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SIGN UP "Treasuries have been under pressure throughout the session and this morning's data has done nothing to offset the selling pressure," Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets, said.
This week, investor focus will be on jobs data, with the closely watched nonfarm payrolls report due out on Friday.
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— CNBC's Sarah Min contributed to this market report.
