WASHINGTON (dpa-AFX) - Treasuries recovered from an early pullback to end the previous session roughly flat but showed a notable move back to the downside during trading on Tuesday.
Bond prices came under pressure in morning trading and remained firmly negative throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 4.2 basis points to 4.292 percent.
The ten-year yield added to the slight uptick seen on Monday, climbing further off the one-month closing low set last Friday.
The weakness among treasuries as the price of crude oil has moved sharply higher, extending the significant rebound seen on Monday.
Crude oil prices are further offsetting the nosedive seen last Friday amid concerns ahead of the expiration of the ceasefire between the U.S. and Iran.
In an interview with CNBC this morning, President Donald Trump said he expects to 'end up with a great deal' with Tehran but indicated the military is ready to resume bombing Iran when the ceasefire expires on Wednesday.
A report from the New York Times citing a U.S. official also said Vice President JD Vance's trip to Pakistan has been suspended because Iran did not respond to American negotiating positions.
Upbeat U.S. economic data may also have weighed on treasuries, with a Commerce Department report showing retail sales in the U.S. surged by more than expected in the month of March.
The report said retail sales shot up by 1.7 percent in March after climbing by an upwardly revised 0.7 percent in February.
Economists had expected retail sales to jump by 1.4 percent compared to the 0.6 percent increase originally reported for the previous month.
Excluding sales by motor vehicle and parts dealers, retail sales surged by 1.9 percent in March after growing by 0.7 percent in February. Ex-auto sales were expected to leap by 1.3 percent.
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