U.S. Treasury yields retreated from earlier highs on Tuesday in the wake of economic data, after another rise in oil prices due to the resumption of strikes in the Iran war had reignited inflation concerns and helped trigger a global bond selloff.
Yields pared gains after the Institute for Supply Management said its manufacturing PMI fell to a still-elevated 54.6 last month from 55.6 in July, which was the highest reading since May 2022. Economists polled by Reuters had projected it would dip to 55.2.
