U.S. Treasury Yields Fall Slightly as Investors Weigh Latest Economic Data

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U.S. Treasury yields fell slightly Tuesday as investors digested the latest batch of economic data.

The yield on the benchmark 10-year Treasury note fell 1 basis point to 3.183%. Meanwhile, the yield on the 30-year Treasury bond fell nearly 2 basis points to trade at 3.286%. Yields move inversely to prices.

Market participants have become increasingly concerned about the prospect of a recession in recent weeks as the Federal Reserve tries to cool soaring inflation with aggressive interest rate hikes.

On the data front, the S&P CoreLogic Case-Shiller national home prices index showed a 20.4% year-over-year jump through April.

"April 2022 showed initial (although inconsistent) signs of a deceleration in the growth rate of U.S. home prices. We continue to observe very broad strength in the housing market, as all 20 cities notched double-digit price increases for the 12 months ended in April," said Craig Lazzara, managing director at S&P DJI.

Meanwhile, the consumer confidence index for June came in at 98.7, missing a StreetAccount forecast of 101.

Elsewhere, the Group of Seven wealthy nations on Tuesday concludes its summit in Germany. The meeting has seen G-7 leaders pledge to stand with Ukraine "for as long as it takes" amid Russia's months-long onslaught.

NATO leaders on Tuesday will convene for the start of a high-stakes, three-day summit in Madrid. NATO chief Jens Stoltenberg has said the military alliance plans to increase its high-readiness force from 40,000 troops to "well over" 300,000 in the shadow of Russia's war.

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