After the 2-year rate rose to its highest level since November 2007 on Monday, U.S. Treasury rates modestly declined on Tuesday.

The short-term 2-year Treasury note’s yield decreased by 1 basis point to 3.417, still above the level that was a 15-year high.

The 10-year Treasury note’s benchmark yield decreased by 4 basis points to 3.0689 percent. Additionally, the 30-year Treasury bond yield fell by 4 basis points to 3.2054%.

A basis point is equal to 0.01%, and yields move in the opposite direction of price movement.

The U.S. Federal Reserve Chair, Jerome Powell, declared in a speech on Friday that the institution would keep rising interest rates, even if doing so could cause the economy “some pain.” The markets are still analysing Powell’s comments.

The main U.S. stock market indexes had two days of precipitous falls as a result of Powell’s remarks.

Tuesday morning saw a small increase in U.S. stock futures as European markets opened higher. The dollar index also marginally declined after reaching a 20-year high on Monday as a result of market turbulence.

This week, investors will have new economic data to analyse as the FHFA home price index for June, the Conference Board’s consumer sentiment survey for August, and the Bureau of Labor Statistics’ release of job vacancies for July are all due out on Tuesday.

On Friday, nonfarm payroll information for August will be made public.