Bonds | Treasury Yields Report (Afternoon Edition) | August 16, 2022:
Bond yields rose on Tuesday amid the release of fresh housing and manufacturing data.
The yield on the benchmark 10-year Treasury note was up 4 basis points to 2.831%, and the yield on the 30-year Treasury bond traded more than 1 basis point higher at 3.114%. The yield on the shorter-term 2-year Treasury note was also up roughly 5 basis points at 3.253%.
Yields move inversely to prices, and a basis point is equal to 0.01%.
The data released Tuesday showed a 9.6% decline in housing starts from June, well above the expected 2.5% drop as anticipated by economists surveyed by Dow Jones. Building permits slipped 1.3% but beat estimates.
Investors have closely watched the data for further clues into the state of the housing market industry and insight into the construction industry's reaction to a demand slowdown that's been reported since June.
Other data showed industrial production rise more than expected in July.
Data last week showed a slight slowdown in the blistering climb in U.S. consumer goods prices, which saw an 8.5% year over year rise in July — slightly less than expected due to a decrease in oil prices. Markets seem to think this may mean a slowdown in the Fed's tightening cycle, though the Fed has not indicated this yet.