The Treasury is scheduled to hold a 10-year note auction Wednesday afternoon.
The Fed's survey of economic conditions and speakers from the central bank could shed further light on the strength of the U.S. economy and the pace of Fed tightening. Two speakers are scheduled for Wednesday: Boston Fed President Eric Rosengren, a voting member, at 7:45 a.m. and Chicago Fed President Charles Evans at 12:30 p.m. Economic data include the Fed's Beige Book, due at 2 p.m. ET.
According to CME Group's FedWatch tool, markets are now pricing in a 47 percent chance of a hike at the Fed's March meeting and a 67 percent chance of a rise in June.
"I expect the Beige Book will show there's continued strength in the economy. I don't know if that's going to impact markets. It seems they're overshadowed by oil and China," said Bryce Doty, senior fixed income manager at Sit Investment Associates.
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