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Treasury Dept auctions $24B of 3-year notes at a high yield of 0.850%

The Treasury Department auctioned $24 billion in 3-year notes at a high yield of 0.85 percent. The bid-to-cover ratio, an indicator of demand, was 2.98.

The bid-to-cover ratio for Tuesday's auction was the highest since December, according to Reuters.

Indirect bidders, which include major central banks, were awarded 56.9 percent.

Direct bidders, which includes domestic money managers, bought 9.5 percent.

The yield on the 3-year Treasury Notes sat lower at 0.8365 after the note sale.

The yield on the 10-year Treasury note, sat lower at 1.5523 percent on Tuesday. Bond yields move inversely to prices.

U.S. Markets Overview: Treasurys chart

Thirty-year yields also fell slightly, down at 2.2656 percent.

In the U.S., wholesale inventories for June data are out on Tuesday. Second-quarter labor productivity fell 0.5 percent.