US Treasury yields decline as FOMC meeting kicks off 

U.S. government debt yields slipped on Tuesday as the Federal Reserve began a two-day meeting on monetary policy.

The yield on the benchmark 10-year Treasury note was lower at around 2.962 percent at 2:43 p.m. ET, while the yield on the 30-year Treasury bond slipped to 3.082 percent. Bond yields move inversely to prices.

US 10-YR
US 30-YR

Market watchers are monitoring the Federal Open Market Committee's (FOMC) summer meeting. A policy decision is set to be announced Wednesday afternoon, which should reveal whether the Fed decides to change its stance in August.

Investors are not expecting a rise in interest rates, however, talk of trade or where the Federal Reserve is thinking of heading could be up for discussion.

The meeting follows the publication of much economic data and the news that President Donald Trump was "not thrilled" about rising interest rates, expressing concern that the Fed could upset the economic recovery.

The Bank of Japan decided to hold fire on changing its policy stance Tuesday at its monthly meeting. The central bank did indicate, however, that it would make its policy framework more flexible when it comes to the long-term yield target.

Consumer spending in the U.S. rose by 0.4 percent in June, while personal income grew at the same rate. Consumer confidence numbers are due at 10 a.m. ET.

—CNBC's Weizhen Tan contributed to this report