U.S. Treasury yields inched lower on Tuesday as investors looked ahead to more delayed data releases during the holiday-shortened trading week.
At 3:34 a.m. ET, the 10-year Treasury yield had dropped more than 3 basis points to 4.02%, and the 30-year Treasury bond yield had also dipped 3 basis points to 4.66%. The 2-year Treasury note yield was 2 basis points lower to 3.388%.
One basis point equals 0.01%, and yields move inversely to prices.
The bond market was closed for Presidents' Day on Monday, and Tuesday is shaping up to be a quiet start to the week for investors, who are awaiting several economic data releases.
This includes the weekly ADP Employment Change report on Tuesday morning, as well as February's Empire Manufacturing Index, and the NAHB Housing Market Index.
Investors are anticipating the FOMC minutes on Wednesday, which they will parse for insights on the last interest rate decision and future monetary policy.
They are also expecting more delayed economic data this week, including housing data for November and December on Wednesday, as well as December's personal consumption expenditures index on Friday, the Federal Reserve's preferred inflation gauge.
Traders are currently pricing in a 90% chance of the Fed keeping interest rates unchanged in a range between 350-375, per the CME FedWatch Tool.
