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Treasury yields edged higher Tuesday as voting began in the U.S. midterm elections, while investors parse a busy week of economic data and renewed Middle East tensions that pushed oil prices higher.
Yields on 10-year U.S. Treasurys — the main benchmark for mortgages, auto loans and credit card debt — rose more than 2 basis points to 4.9167%.
The yield on longer-dated 30-year U.S. Treasurys — which tends to move more on geopolitical developments — was up 1 basis point at 5.2879%.
The yield on the 2-year Treasury note, which more closely follows short-term Federal Reserve rate decisions, was up more than 1 basis point at 4.5956%.
One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
The moves follow a mixed day for Treasurys on Monday, with the benchmark 10-year yield moving 2 basis points lower, and the shorter-dated 2-year note yield rose by more than 1 basis point.
With Americans voting in the midterm elections Tuesday, investors are keeping a close eye on how the result will shape Congress and move markets.
September’s JOLTS job openings report is due later from the Labor Statistics Bureau and is expected to show a slight rise in open positions to 7.10 million, up from August’s 7.079 million print.
ISM services PMI and ADP employment figures are due on Wednesday, with October’s nonfarm payrolls and unemployment expected Friday, in a busy week for domestic economic data.
Meanwhile, oil prices moved higher following U.S. strikes on Iran’s Qeshm Island, heightening concerns of a renewed escalation in the Middle East conflict.
U.S. West Texas Intermediate futures for December delivery rose 1.57% to $97.97 per barrel, while Brent crude, the global price benchmark, was 1.66% higher at $106.48.
