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Treasury yields fall as investors await clues on Fed policy

U.S. Treasury yields fell early on Tuesday, as investors waited to see if Federal Reserve Chairman Jerome Powell would offer further details on policy in his Senate nomination hearing later in the morning.

The yield on the benchmark 10-year Treasury note moved 2 basis points lower to 1.7569% at 3:45 a.m. ET. The yield on the 30-year Treasury bond fell by 3 basis points to 2.0766%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Powell is due to speak before the Senate Committee on Banking, Housing and Urban Affairs at 10 a.m. ET on Tuesday. Fed Governor Lael Brainard is then scheduled to testify in the Senate, for her nomination to the role of the central bank’s vice chair, at 10 a.m. ET on Thursday.

In addition, Kansas City Fed President Esther George and St. Louis Fed President James Bullard are both due to make speeches about economic policy on Tuesday.

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The IBD/TIPP January economic optimism index is due to be released at 10 a.m. ET on Tuesday.

December inflation readings will be the main economic data focus for investors this week, with the consumer price index set to be released on Wednesday and the producer price index slated for Thursday.

An auction is scheduled to be held for $52 billion of 3-year notes on Tuesday.

CNBC’s Tanaya Macheel contributed to this market report.


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