The 10-year U.S. Treasury yield topped 1.54% on Tuesday morning, its highest point since June, amid concerns around persisting inflation.

The yield on the benchmark 10-year Treasury note jumped 5 basis points to 1.5409% at 4 a.m. ET. The yield on the 30-year Treasury bond added 6 basis points, spiking to 2.0625%. Prices are the inverse of yields and one basis point is equivalent to 0.01 percent. Yields change in the opposite direction to inflation.

Federal Reserve Chairman Jerome Powell, in prepared remarks to be delivered on Tuesday, warned that higher inflation may last longer than anticipated.

At 10 AM, Powell will address the Senate Banking Committee. ET Tuesday. He stated that although economic growth had “continued strengthening”, it was being met by rising price pressures due to supply chain bottlenecks, among other factors.

Powell stated that inflation is high and likely to continue for the next few months, before easing down.

Last week, Powell indicated that the Fed may begin to reduce asset purchases.

Michelle Bowman, Fed Governor will be speaking at the 2021 Community Banking in 21st Century Research and Policy Conference. ET Tuesday

On the data front, the July S&P/Case-Shiller home price index is expected to be released at 9 a.m. ET.

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Investors will also continue to follow the progress of $1 trillion infrastructure bill in Washington. The government will be shut down Friday unless lawmakers approve a funding package. 

On Tuesday, a bidding process will take place for $72 billion in seven-year bills.

— CNBC’s Jeff Cox and Maggie Fitzgerald contributed to this market report.