U.S. Treasury yields inched higher on Tuesday morning, ahead of the Federal Reserve’s December policy meeting.
The yield on the benchmark 10-year Treasury note added 1 basis point, rising to 1.4326% at 3:30 a.m. ET. The yield on the 30-year Treasury bond saw little movement at 1.8145%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The Fed is due to kick off its latest monetary policy meeting on Tuesday, in which it is expected to discuss speeding up the tapering of its bond-buying program. The meeting wraps up on Wednesday afternoon, and will be followed by a press conference with Fed Chairman Jerome Powell.
On the data front, the November producer price index is set to be released at 8:30 a.m. ET on Tuesday. Economists are expecting it to show that prices rose 0.5% for the month, according to estimates from Dow Jones. This would be a slight slowdown from October’s 0.6% increase.
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This follows Friday’s hot inflation report, with the consumer price index having risen by 6.8% in November year on year, representing the biggest increase since 1982.
No auctions are scheduled to be held on Tuesday.
— CNBC’s Pippa Stevens contributed to this market report.