U.S. government debt prices fell on Tuesday morning as the Federal Reserve was due to start its two-day meeting this week.
At around 1:20 a.m. ET, the yield on the benchmark 10-year Treasury note rose marginally to trade at 0.6691%. The yield on the 30-year Treasury bond increased by 26 basis points to trade at 1.4116%. Yields move inversely to prices.
Ahead of the Fed meeting, investors have focused on vaccine news and monitored a broad-based rally on Wall Street.
Federal Reserve Chairman Jerome Powell is due to speak Wednesday about the central bank’s latest decision.
On Tuesday, they will be watching import prices and the Empire State manufacturing reading at 8:30 a.m. ET. There will also be capacity utilization and industrial production data out at 9:15 a.m. ET.
The U.S. Treasury is due to auction $22 billion in 20-year bonds; $30 billion in 42-day CMBs (Asset-Backed Securities Loan Facility) and another $30 billion in 119-day CMBs.
