At around 03:00 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.8496%, while the yield on the 30-year Treasury bond was also lower at around 2.3281%.
Market focus is largely attuned to global trade developments, as investors monitor any cues that might de-escalate a protracted trade dispute between the U.S. and China.
The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
On the data front, a preliminary reading of third-quarter productivity data will be released at around 8:30 a.m. ET, with a preliminary reading of third-quarter unit labor costs also set to be published at the same time.
Market participants are also likely to closely monitor speeches from policymakers at the U.S. central bank on Wednesday.
Chicago Fed President Charles Evans, New York Fed President John Williams and Philadelphia Fed President Patrick Harker are all expected to comment on the world’s largest economy.
The U.S. Treasury is set to auction $27 billion in 10-year notes later in the session.