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U.S. government debt prices were lower on Tuesday morning, as investors await a fresh batch of economic data and another round of Treasury auctions.
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At around 3:10 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.4283 percent, while the yield on the 30-year Treasury bond was also higher at 2.8863 percent.
On the data front, housing starts and building permits for February will both be released at around 8:30 a.m. ET. Consumer confidence figures for March as well as the latest Richmond Fed surveys and Dallas Fed services data will follow later in the session.
Market participants are likely to closely monitor speeches from policymakers at the U.S. central bank. Chicago Fed President Charles Evans, Philadelphia Fed President Patrick Harker and San Francisco Fed President Mary Daly are all expected to comment on the world’s largest economy at separate events on Tuesday.
Speaking in Hong Kong on Tuesday, Boston Fed President Eric Rosengren said weak bond yields in other countries are hurting U.S. long-term bond yields. Still, he does expect Treasurys to eventually start inching higher.
Meanwhile, the U.S. Treasury is set to auction $26 billion in 52-week bills and $40 billion in two-year notes.