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Treasuries moved to the downside during trading on Tuesday, extending the notable pullback seen in the previous session.
Bond prices came under pressure early in the session and remained firmly negative throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 4.2 basis points to 1.667 percent.
The ten-year yield added to the 8.9 basis point jump seen on Monday, ending the session at its highest closing level in a month.
The continued weakness among treasuries came as traders were still reacting to news that President Joe Biden intends to nominate Jerome Powell for a second term as Fed Chair.
While Biden also intends to nominate current Fed Governor Lael Brainard as Vice Chair, she was seen as a potentially more dovish alternative to Powell.
Overall trading activity was somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sideline.
Meanwhile, traders largely shrugged off the results of the Treasury Department's auction of $59 billion worth of seven-year notes, which attracted above average demand.
The seven-year note auction drew a high yield of 1.588 percent and a bid-to-cover ratio of 2.42, while the ten previous seven-year note auctions had an average bid-to-cover ratio of 2.27.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
On Monday, the Treasury revealed the auction of $58 billion worth of two-year notes drew well below average demand, while the auction of $59 billion worth of five-year notes drew slightly below average demand.
Following the quiet day on the U.S. economic front, trading on Wednesday may be impacted by reaction to a slew of data.
Traders are likely to keep an eye on reports on weekly jobless claims, durable goods orders, new home sales and personal income and spending as well as the minutes of the latest Fed meeting.
