(RTTNews) - After showing a lack of direction early in the session, treasuries moved to the downside over the course of the trading day on Tuesday.
Bond prices slid firmly into negative territory after spending early trading lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.8 basis points to 4.573 percent.
Treasuries gave back ground after showing a strong upward move on Monday amid lingering concerns about the outlook for interest rates heading into the new year.
Earlier this month, the Federal Reserve revealed officials expect to cut interest rates just two times next year compared to the previously forecast four.
Worries about the impact President-elect Donald Trump's policies will have on the U.S. budget deficit may also have weighed on treasuries.
Selling pressure was somewhat subdued, however, as many traders stuck to the sidelines ahead of the New Year's Day holiday on Wednesday.
Following the holiday on Wednesday, trading on Thursday may be impacted by reaction to a report on weekly jobless claims.
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