U.S. Treasury yields shifted lower Tuesday, reversing course after the rate on the 10-year note hit its highest level in more than two months.
The 10-year Treasury yield was less than a basis point lower at 4.018% after hitting its highest level since Aug.1. The 2-year Treasury slipped 4 basis points to 3.964%.
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Yields move inversely to prices. One basis point equals 0.01%.
The 10-year Treasury yield gained to start the week, jumping to 4% on Monday amid strong labor market readings and despite the start of a Federal Reserve rate-cutting campaign last month.
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Fed Governor Adriana Kugler said Tuesday that she "strongly supported" the central bank's 50 basis point move in September, and that she is monitoring how upcoming tropical storms and geopolitical tensions could impact future cuts.
Questions over the pace of future Fed cuts have created some market jitters. Investors have also been grappling with mounting geopolitical tensions in the Middle East and uncertainty surrounding China's stimulus.
— CNBC's John Melloy and Lisa Kailai Han contributed to this report.
