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U.S. Markets Overview: Treasurys chart
At around 03:35 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 2.0526%, while the yield on the 30-year Treasury bond was also lower at around 2.5761%.
Market focus is largely attuned to the U.S. central bank, with policymakers at the Fed seen cutting rates for the first time in more than a decade on Wednesday.
The Fed is set to deliver its decision at 2:00 p.m. ET, with Chairman Jerome Powell scheduled to hold a press conference at 2:30 p.m. ET.
Market expectations point to a quarter-point rate cut.
On the data front, ADP payrolls for July will be released at around 08:15 a.m. ET. Employment cost index figures for the second quarter and Chicago Purchasing Manager Index (PMI) data for July will follow slightly later in the session.
There are no major Treasury bond auctions scheduled on Wednesday.
In commodities, oil prices rose for a fifth day after a stronger-than-anticipated fall in U.S. inventories.
International benchmark Brent crude was trading at $65.29 during morning trade, up almost 0.9%, while U.S. West Texas Intermediate (WTI) stood at $58.49, up 0.7%.