The 10-year Treasury<\/a> note yield \u2014 the main benchmark for mortgages, auto loans and credit card debt \u2014 was more than 1 basis point higher at 4.736%.<\/p>\n The yield on the 2-year Treasury<\/a> note, which typically reacts in line with short-term Federal Reserve interest rate decisions, was flat at 4.186%.<\/p>\n Stock Chart IconStock chart icon Long-term Treasury yields are trading at multi-decade highs. <\/p>\n One basis point equals 0.01%, and yields and prices move inversely to one another.<\/p>\n Oil prices rose<\/a> as the 60-day deadline for the U.S. and Iran to secure a peace deal expired Monday, with Iran ruling out the possibility of an extension, according to state media. A senior Iranian official also told Reuters that Tehran would take an offensive stance if diplomacy with the U.S. fails.\u00a0<\/p>\n “Markets have seen growing weakness over the last 24 hours, with bonds and equities slipping thanks to negative geopolitical headlines from the Middle East,” Deutsche Bank’s Jim Rid wrote in a note on Tuesday. “There wasn’t a single catalyst for the declines, but with few signs of the US and Iran coming to any sort of a deal, that meant investors priced in a more extended closure of the Strait of Hormuz.”<\/p>\n Resurging fears around inflation are sending government borrowing costs higher across the globe, with many longer-maturity bond yields hovering near multi-decade highs.\u00a0<\/p>\n The yield on Japan’s long-dated government bonds hovered near levels reached in May, when yields hit<\/a> 40-year highs. Germany’s 30-year bond yield was last seen at its highest since 2011, while their British counterparts approached a multi-decade high. French 30-year government bond yields also ticked upward to a post-2008 high.\u00a0<\/p>\n On the economic data front, investors will look to import and export pricing figures for July, along with housing starts and pending home sales on Tuesday. <\/p>\n \u2014 CNBC’s Chloe Taylor also contributed to this report.<\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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