U.S. Treasury yields rose on Tuesday as investors await fresh inflation data due later this week.
The yield on the 10-year Treasury was up more than 3 basis points to 4.23%. The 2-year Treasury also rose more than 2 basis points to 4.149%.
Yields and prices move in opposite directions, and one basis point equals 0.01%.
Investors are looking ahead to November's consumer price index reading – the major economic release of the week. Headline inflation is expected to have risen 0.3% in November and 2.7% over the past year, according to economists polled by Dow Jones.
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The Bureau of Labor Statistics is set to publish the report on Wednesday, and investors are keenly anticipating it given that it will be the last reading before the Federal Reserve's Dec. 17-18 meeting and could influence interest rate decisions.
"We had a relatively weak bond auction – not terrible, but not great," Michael Green, chief strategist at Simplify Asset Management, told CNBC. "There's just a lot of confusion or consideration around what's going to happen to tomorrow's CPI report that, in turn, is leading to some hesitancy in the bond universe."
Fed officials will not be providing any commentary regarding the central bank's next move as the Fed is currently in a blackout period and is restricted from publicly speaking prior to a Federal Open Market Committee meeting.
Money Report
Mortgage data is also due Wednesday. The producer price index for November will be published Thursday.
