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US Treasury yields tick higher as investors await Fed speeches, auctions

U.S. government debt yields rose Tuesday as investors awaited Fed speeches and a fresh batch of economic data.

U.S. Markets Overview: Treasurys chart

At around 2:00 p.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.054%, while the yield on the 2-year Treasury note rose to 1.894%.

Market participants are likely to closely monitor a flurry of speeches from policymakers at the U.S. central bank, with Fed Chair Jerome Powell, Vice Chair Randal Quarles and Atlanta Fed President Raphael Bostic all set to comment on the world's largest economy.

Investors have rushed to scale back Fed rate cut expectations following unexpectedly strong gains in U.S. jobs in June.

The Treasury Department auctioned nearly $38 billion in 3-year notes at a high yield of 1.857%. The bid-to-cover ratio, an indicator of demand, was 2.39. Indirect bidders, which include major central banks, were awarded 48.5%. Direct bidders, which includes domestic money managers, bought 17.9%.