The yield on the 2-year Treasury note jumped nearly 7 basis points to trade at 3.4679%. The short-term note climbed to 3.55% last week, notching its highest level since 2007. Yields move inversely to prices, and a basis point is equal to 0.01%.
The data points come amid persistent worries about an economic slowdown, with investors monitoring whether the Federal Reserve is likely to continue hiking interest rates at an aggressive pace in a bid to tame soaring inflation.
The U.S. Treasury on Tuesday will auction $54 billion in 13-week bills, $42 billion in 26-week bills and $34 billion in 52-week bills.