Treasuries retreated on Tuesday after recent gains, with the ten-year note yield rising to 3.307 percent. This comes after a significant Wall Street rally diminished demand for safe-haven assets like bonds. Existing home sales also saw a steep decline in May, according to the National Association of Realtors. Despite expectations for a 3.7 percent drop, sales fell 3.4 percent to an annual rate of 5.41 million. Looking ahead, market focus will be on Federal Reserve Chair Jerome Powell’s congressional testimony and the Treasury Department’s twenty-year bond auction.

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