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U.S. government debt yields fell Tuesday after speeches from Federal Reserve Chair Jerome Powell and Vice Chair Randal Quarles.
The yield on the benchmark 10-year Treasury note was lower at around 3.067 percent at 1:14 p.m. ET, while the yield on the 30-year Treasury bond was down at 3.217 percent. Bond yields move inversely to prices.
Fed Chair Jerome Powell said at the National Association for Business Economics's 60th annual meeting that the Fed won't hesitate to pounce on any signs of aggressive inflation.
"From the standpoint of contingency planning, our course is clear: Resolutely conduct policy consistent with the [Federal Open Market Committee's] symmetric 2 percent inflation objective, and stand ready to act with authority if expectations drift materially up or down," he said in Boston.
Fed Vice Chair Randal Quarles, meanwhile, said Tuesday before the Senate Banking Committee that size alone should not be the determining factor in how banks are governed. He instead suggested that a slew of factors that emphasize risk profile and systemic danger could replace the existing process.
"Asset size should be only one among several relevant factors in a tailoring approach," he said in his prepared remarks. "We continue to evaluate additional criteria allowing for greater regulatory and supervisory differentiation across banks of varying sizes, and the Act reflects similar goals."
Markets around the globe are also monitoring trade developments, after news emerged that Canada had joined the U.S. and Mexico in a new trade deal.
Set to be signed at the end of November, the United States-Mexico-Canada Agreement, or "USMCA " for short, will see all three countries compromise on certain trade aspects.
More market access will be granted to U.S. dairy farmers, while Canada has agreed to effectively cap automobile exports to the States.
Now investors will be looking to China, to see if Beijing and Washington can find a way to meet eye-to-eye on certain trade elements.
—CNBC's Jeff Cox contributed to this report.