U.S. Treasury yields ebbed lower on Tuesday, ahead of the release of July’s retail sales data.
The yield on the benchmark 10-year Treasury note fell nearly 3 basis points to 1.23% at 3:50 a.m. ET. The yield on the 30-year Treasury bond gave up 2 basis points, falling to 1.898%. Yields move inversely to prices and one basis point is 0.01%.
The Census Bureau is due to release July’s retail sales data at 8:30 a.m. ET on Tuesday, with an expected slowdown in spending last month amid concerns around the spread of the delta variant.
Economists expect retail sales fell by 0.3% in July, compared to a 0.6% gain in June, according to Dow Jones consensus forecast. Excluding autos, sales were expected to have gained 0.2%, after a 1.3% gain in June.