WASHINGTON (dpa-AFX) - Following the notable upward move seen in the previous session, treasuries showed a lack of direction over the course of the trading day on Tuesday.
Bond prices spent the day bouncing back and forth across the unchanged line before closing roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.033 percent.
The choppy trading on the day came as traders awaited further developments on the trade front following the U.S. Supreme Court's decision to strike down most of President Donald Trump's global tariffs.
Traders may have been looking ahead to Trump's State of the Union address this evening for additional insight in how he plants to proceed.
Trump announced in a post on Truth Social on Saturday that he would be raising worldwide tariffs to the 'fully allowed' and 'legally tested' 15 percent level from the 10 percent he announced shortly after the ruling.
'During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinarily successful process of Making America Great Again - GREATER THAN EVER BEFORE!!!' Trump said.
While a fact sheet from the White House acknowledged the president is only allowed to impose the tariffs for a period of 150 days without congressional approval, Trump claimed in a subsequent post that he does not need to go back to Congress for approval.
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