U.S. government debt prices were higher on Tuesday as investors parsed through a fresh batch of economic data.
The yield on the benchmark 10-year Treasury notes, which moves inversely to price, was lower at around 2.215 percent, while the yield on the 30-year Treasury bond was also lower at 2.884 percent.
Treasurys
On the data front, personal income rose 0.4 percent in April, in line with expectations, and consumer spending increased by 0.4 percent.
"Bottom line, relative to expectations the only thing noteworthy was the upward revision in March spending as spending on durable goods was less negative and service spending was more than originally stated," said Peter Boockvar, chief market analyst at The Lindsey Group.
"As for April, real spending surprised to the upside off the higher than expected March base but a savings rate that remains steady points to a consumer that is just trying to just live within their means," he said.
Other data released Tuesday include consumer confidence reading for May, which came in at 117.9, slightly below a consensus estimate of 119.
In oil markets, persistent oversupply concerns appeared to weigh on oil prices on Tuesday as traders assessed whether OPEC's pledge to extend production cuts by 1.8 million barrels per day until the end of the first-quarter of 2018 would be able to significantly tighten the market.
U.S. crude settled 14 cents lower at $49.66 a barrel.