WASHINGTON (dpa-AFX) - After coming under pressure early in the session, treasuries moved modestly higher over the course of the trading day on Tuesday.
Bond prices climbed well off their early lows and into positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.8 basis points to 4.706 percent after reaching a high of 4.746 percent.
Bargain hunting may have contributed to the turnaround by treasuries after the ten-year yield tested the more than one-year highs set late last month.
The thirty-year bond yield also gave back ground as the day progressed after reaching its highest levels in almost twenty years.
Meanwhile, bond traders seemed to shrug off a continued increase by the price of crude oil even as U.S. crude oil futures climbed to their highest levels in over two weeks.
Crude oil prices have extended the surge seen over the two previous sessions after President Donald Trump said there are currently no U.S.-Iran talks taking place or scheduled.
Trump also claimed in a post on Truth Social that the Strait of Hormuz is 'open and operating' and 'all water mines have been removed or detonated,' although reports suggest traffic through the crucial waterway remains limited.
In U.S. economic news, the Federal Reserve released a report showing industrial production in the U.S. rose by slightly less than expected in the month of July.
The Fed said industrial production crept up by 0.2 percent in July after climbing by an upwardly revised 0.3 percent in June.
Economists had expected industrial production to increase by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.
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