Ten-Year Treasury Yield Reaches Highest Closing Level In Two Months

(RTTNews) - Following the notable downward move seen in the previous sessions, treasuries saw continued weakness during trading on Tuesday.

Bond prices came under pressure early in the session and remained firmly negative throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.0 basis points to 4.628 percent.

The ten-year yield added to the 5.7 basis point surge seen during Monday's session, reaching its highest closing level in two months.

The continued weakness among treasuries came amid a sharp increase by the price of crude oil, with U.S. crude oil futures spiking by more than 2 percent.

Oil prices reached their highest levels in over a month amid the ongoing conflict between the U.S. and Iran and the subsequent closure of the Strait of Hormuz.

U.S. Central Command said it conducted its tenth straight of attacks against Iran on Monday night, leading to retaliatory strikes by Iran on countries across the gulf region.

The jump in oil prices has led to renewed concerns about the outlook for inflation and the possibility of interest rate hikes by the Federal Reserve, weighing on treasuries.