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U.S. government debt prices were higher Tuesday morning, as investors awaited economic data and Treasury auctions.
At around 02:00 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.6994%, while the yield on the 30-year Treasury bond was also lower at around 2.1671%.
The bond market was closed on Monday, as investors observed the Columbus Day holiday.
Market focus is largely attuned to global trade developments, after reports of a partial trade deal between the world’s two largest economies.
The U.S. and China held high-level trade talks in Washington late last week, which ended with President Donald Trump saying both sides had reached a “very substantial phase one deal.”
As part of that agreement, Beijing has said it will address intellectual property rights concerns raised by Washington and buy $40 to $50 billion worth of U.S. agricultural products.
In exchange, the U.S. agreed to delay an October 15 increase in tariffs on Chinese goods.
China has since reportedly said that it wants another round of talks before signing what Trump described as the first phase of an agreement between the two countries.
Bloomberg News first reported the story on Monday, saying Beijing also wanted the U.S. to scrap a tariff hike for December.
On the data front, the Empire State Manufacturing Survey for October will be released at 8:30 a.m. ET.
The U.S. Treasury is set to auction $45 billion in 13-week bills and $42 billion in 26-week bills on Tuesday.