WASHINGTON (dpa-AFX) - Treasuries saw modest weakness during trading on Tuesday, extending the downward move seen over the past several sessions.
Bond prices moved lower early in the session and remained in negative territory throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.0 basis points to 4.415 percent.
The ten-year yield closed higher for the fifth consecutive session, reaching its highest closing level in almost a month.
The continued weakness among treasuries came as traders continued to keep an eye on developments on the trade front, with President Donald Trump signing an executive order officially extending the suspension of reciprocal tariffs on U.S. trade partners.
The executive order says the 90-day suspension, which was due to expire on Wednesday, has been extended until August 1st based on 'additional information and recommendations from various senior officials.'
Trump told reporters on Monday that the new tariff deadline is 'not 100 percent firm' but said in a Truth Social post this morning that 'No extensions will be granted.'
The postponement of the deadline comes after Trump posted several letters to world leaders on Truth Social threatening to impose higher tariffs on at least fourteen countries.
Overall trading activity was somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines ahead of the release of the minutes of the Federal Reserve's latest monetary policy meeting on Wednesday.
The Fed minutes may shed additional light on the outlook for interest rates ahead of the central bank's next meeting on July 29-30.
CME Group's FedWatch Tool is currently indicating a 95.3 percent chance the Fed will leave rates unchanged later this month.
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