Strong retail sales and manufacturing data pushed the 10-year Treasury note to its highest level since 2011, CNBC staffer Thomas Frank reports.
The 10-year yield, which is used as a barometer for mortgage rates and other financial instruments, rose to 3.091% Tuesday, north of the 3.03% clinched in late April and the highest since 2011.
"There are a number of fundamental issues to watch and as long as economic growth remains steady, then the call for the Fed to keep raising rates will stay loud," wrote Kevin Giddis, head of fixed income capital markets at Raymond James.
"On top of that, the Treasury will need to keep coming and coming with larger auctions throughout the year to pay for not only the 'tax sweepstakes,' but to continue to keep up with the ambitious growth plan coming from the White House," he added.
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