Treasury yields fluctuated on Tuesday in a holiday-shortened trading session ahead of the Christmas break.
The yield on the 10-year Treasury note remained at 4.594%, after rising 3 basis points to 4.613%, reaching its highest level since May 30. The key interest rate rose by 6 basis points on Monday. The 2-year Treasury note was also little changed at 4.341%, after rising 3 basis points in the previous session.
One basis point is equal to 0.01%. Yields move in the opposite direction to prices.
Tuesday is expected to be a slow day for U.S. financial markets as stock trading closes as early as 1 p.m. ET. The bond market ceases operations at 2 p.m
The markets will be closed on Wednesday for the Christmas holidays.
The benchmark 10-year yield rose 13 basis points last week after the Federal Reserve cut its rate cut forecasts, suggesting there are only two more rate cuts ahead in 2025, compared with four possible rate cuts announced in September .
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