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10-Year Treasury Yield Rises Above 1.6% Level

NYSE

The 10-year U.S. Treasury yield rose Tuesday, surpassing the 1.6% level.

The yield on the benchmark 10-year Treasury note added 5.3 basis points at 1.637% at 4:10 p.m. ET. The yield on the 30-year Treasury bond rose by 7 basis points to 2.087%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

The 10-year rate topped 1.6% early on Monday, following better-than-expected retail sales data on Friday, boosting investor sentiment on the economy.

In meeting minutes released last week, Federal Reserve officials indicated that the central bank had come close to reaching its economic goals and could soon look to start normalizing monetary policy by tapering its bond buying program.

An auction is scheduled to be held on Tuesday for $60 billion of 40-day bills.

CNBC's Jeff Cox contributed to this market report.

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