(RTTNews) - After recovering from early weakness to end the previous session only slightly lower, treasuries showed a lack of direction over the course of the trading day on Tuesday.
Bond prices bounced back and forth across the unchanged before eventually ending the day in the red. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.7 basis points to 4.223 percent.
A relatively light day on the U.S. economic front may have kept traders on the sidelines, although the Labor Department has released a report showing job openings increased by more than expected in the month of October.
The Labor Department said job openings climbed to 7.744 million in October from a downwardly revised 7.372 million in September.
Economists had expected jobless claims to rise to 7.480 million from the 7.443 million originally reported for the previous month.
Theeconomic calendarpicks up in the coming days, with the Labor Department due to release its closely watched monthly jobs report on Friday.
Traders are also likely to keep an eye on reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.
The data and remarks could impact the outlook for interest rates ahead of the Fed's next monetary policy meeting later this month.
CME Group's FedWatch Tool is currently indicating a 73.8 percent chance the Fed cuts rates by another 25 basis points but a 26.2 percent chance the central bank leaves rates unchanged.
"The Fed's December 18th decision will be a close one, but if the majority of voting members prioritize the employment mandate, markets should expect a cut in policy rates, supporting risk appetite," said Jeffrey Roach, Chief Economist for LPL Financial.
Reports on private sector employment, factory orders and service sector activity are likely to attract attention on Wednesday along with remarks by Powell.
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