After ending the previous session roughly flat, treasuries showed a modest move to the downside during trading on Tuesday.
Bond prices saw some early strength but turned lower as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 1.9 basis points at 3.434 percent.
The weakness among treasuries came as traders look ahead to Wednesday's release of the Labor Department's report on consumer price inflation, which could impact the outlook for interest rates.
Economists currently expect consumer prices to rise by 0.3 percent in March, while the annual rate of growth is expected to slow to 5.2 percent from 6.0 percent.
Core consumer prices, which exclude food and energy prices, are expected to climb by 0.4 percent in March, although the year-over-year growth is expected to accelerate to 5.6 percent from 5.5 percent.
Ahead of the report, CME Group's FedWatch Tool is currently indicating a 69.8 percent chance the Federal Reserve will raise rates by a quarter point next month.
Reports on produce price inflation, retail sales and industrial production are also likely to attract attention in the coming days.
Early trading on Wednesday is likely to be driven by reaction to the consumer price inflation data, while the minutes of the latest Federal Reserve meeting may be in focus later in the day.
