• At 3:30 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8195%, while the yield on the 30-year Treasury bond was also higher at around 2.2972%.
  • Market focus is largely attuned to geopolitical developments, as investors reassessed the risk of all-out conflict in the Middle East.
  • The U.S. Treasury is set to auction $38 billion in three-year notes on Tuesday.

U.S. government debt prices turned lower Tuesday morning, as investors awaited economic data and Treasury auctions.

At 3:30 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8195%, while the yield on the 30-year Treasury bond was also higher at around 2.2972%.

Market focus is largely attuned to geopolitical developments, as investors reassessed the risk of an all-out conflict in the Middle East.

The Pentagon said on Monday that a U.S. general’s letter appearing to inform Iraq’s Defense Ministry that U.S.-led coalition troops were preparing to leave the country “was a mistake.”

Instead, Joint Chiefs of Staff Chairman Gen. Mark Milley told reporters that the letter was an unsigned draft that “should never have been released.”

The confusion came less than 24 hours after Iraq’s parliament passed a nonbinding resolution calling for the removal of American forces and other foreign troops.

U.S.-Iran tensions have ratcheted up in recent days, following a U.S. airstrike at Baghdad’s International Airport that killed Iran’s leading general, Qasem Soleimani.

On the data front, U.S. trade deficit figures for November will be released at 8:30 a.m. ET. Factory orders for November and an ISM non-manufacturing Purchasing Managers’ Index (PMI) will follow slightly later in the session.

The U.S. Treasury is set to auction $38 billion in three-year notes on Tuesday.

Source: CNBC


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