The US Treasury bond yields gave back gains on Tuesday.

The US Treasury yields fell in afternoon trading in Asia, giving back some of the significant gains from Tuesday. Strategists at ING Group attributed the surge in US Treasury yields on Tuesday partly to a sharp increase in Japanese government bond yields during the US Treasury market holiday on Monday. They stated, "Yes, in this context, Japanese government bond yields surged again, but this time, it led to some weakness in the US dollar, thereby pushing up US Treasury yields." President Trump's threat regarding Greenland and his selection of the next Federal Reserve chairman are also contributing factors. According to Tradeweb data, the yield on the 10-year US Treasury bond dropped by 1.8 basis points to 4.276%, while the 30-year bond yield fell by 1.9 basis points to 4.901%.