WASHINGTON (dpa-AFX) - Treasuries saw modest strength during trading on Tuesday, regaining ground following the weakness seen in the previous session.
Bond prices ended the day off their highs of the session but still in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.5 basis points to 4.684 percent.
The uptick by treasuries came as traders looked ahead to the release of a closely watched report on consumer price inflation on Wednesday.
The report is expected to show consumer prices inched up by 0.1 percent in July after falling by 0.4 percent in June. Core consumer prices, which exclude food and energy prices, are expected to rise by 0.2 percent in July after coming in unchanged in June.
The annual rate of growth by consumer prices is expected to slow to 3.4 percent in July from 3.5 percent in June, while the annual rate of growth by consumer prices is expected to slow to 2.5 percent in July from 2.6 percent in June.
Buying interest was relatively subdued, however, as crude oil prices jump amid continuing uncertainty about an agreement to once again reopen the Strait of Hormuz.
According to a report from Reuters, the Secretary of Iran's Supreme National Security Council Mohsen Rezaei has said the strait will not reopen until Tehran's conditions have been met.
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