U.S. Treasury yields fell Tuesday as market attention turned to the congressional midterm elections and traders anticipated inflation data due to be released later in the week.
The yield on the benchmark 10-year Treasury was last down seven basis points at 4.142%.
Meanwhile, the yield on the policy-sensitive 2-year Treasury fell nearly six basis points and was last trading at 4.667%.
Yields and prices have an inverted relationship and one basis point equals 0.01%.
Treasurys
Markets will be paying close attention to the outcome of midterm elections as they will decide whether Republicans or Democrats will control Congress, which would affect future spending and monetary policy.
Throughout the week, traders are also watching a series of Federal Reserve speaker remarks, looking at them for hints about the central bank's future policy path.
During an event held by the Richmond Federal Reserve bank on Monday evening, its president Tom Barkin said the central bank would continue its efforts to rein in persistently high inflation.
So far, the Fed has chosen interest rate hikes as a tool to do so, implementing the fourth consecutive 75 basis point rate hike last week.
Investors are looking to October's consumer inflation figures, due to be released on Thursday, for insights into the effectiveness of the policy.