Treasury Department auctions $26 billion of 2-year notes at a high yield of 1.395%

U.S. government debt prices were lower on Tuesday, as investors digest more data while keeping an ear out for any news out of the Federal Open Market Committee's (FOMC) latest meeting.

The yield on the benchmark 10-year Treasury note sat higher at around 2.312 percent, while the yield on the 30-year Treasury bond was up at 2.898 percent. Bond yields move inversely to prices.

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The Treasury Department auctioned $26 billion in 2-year notes at a high yield of 1.395 percent. The bid-to-cover ratio, an indicator of demand, was 3.06.

Indirect bidders, which include major central banks, were awarded 58.5 percent. Direct bidders, which includes domestic money managers, bought 16.9 percent.

CNBC's Rick Santelli noted that the bid-to-cover ratio was notably elevated.

"That's the best since November 2015," Santelli noted of the bid-to-cover ratio. "58.5 on indirects: that's the second best number in eight years."

The FOMC began the first day of its two-day meeting on Tuesday, where the U.S. central bank is expected to look at the current health of the U.S. economy, and contemplate on what they should do next in terms of strategy, interest rates and their balance sheet.

Sticking with central banks, the Bank of Japan released the minutes from its June meeting on Tuesday. In the minutes, some members said the central bank would need to highlight how it would manage policy, and how exiting quantitative easing could affect the BOJ's finances; according to Reuters.

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Looking to politics, investors will be looking for any news out of the White House, in relation to noise surrounding the Russia-linked scandal and the president's policies.

Meanwhile, President Donald Trump will be meeting with the Prime Minister of Lebanon Saad Hariri at the White House on Tuesday, where they are expected to discuss the fight against terrorism, among other concerns the two leaders share.

On the oil front, prices traded higher after major oil producer Saudi Arabia vowed to curb exports to rein in oversupply.

Brent crude traded at around $50.04 a barrel on, up 2.96 percent, while U.S. crude was also lower around $47.81 a barrel, up 3.17 percent.

CNBC's Gina Francolla contributed to this report.

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