WASHINGTON (dpa-AFX) - Following the Columbus Day holiday on Monday, treasuries have moved to the upside over the course of the trading session on Tuesday.
Bond prices advanced early in the session and have remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, has fallen 2.9 basis points to 5.215 percent.
The strength among treasuries comes as traders look ahead to the release of a closely watched report on consumer price inflation on Wednesday.
The Labor Department report is expected to show the annual rate of consumer price growth accelerated to 3.7 percent in September from 3.4 percent in August.
The data could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
Ahead of the release of the data, CME Group's FedWatch Tool is currently indicating a 78.4 percent chance the Fed will leave interest rates unchanged after last month's quarter point rate hike.
Meanwhile, bond traders have seemingly shrugged off a continued increase by the price of crude oil, which has seen further upside after surging on Monday.
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