US Treasury yields edge down ahead of Powell’s Senate hearing

• 10-year Treasury note fell to 1.746 %

• 30-year Treasury note fell to 2.073 %

The Treasury yield in the United States dipped early ahead of Federal Reserve Chairman Jerome Powell's Senate hearing.

At 5:00 a.m. ET, the yield on the benchmark 10-year Treasury note fell to 1.746 %. The 30-year Treasury bond yield fell to 2.073 %. Yields move in the opposite direction of prices, and one basis point equals 0.01 %.

Powell's Senate confirmation hearing is slated for 10 a.m. ET on Tuesday. The Senate hearing for Fed Governor Lael Brainard's nomination to the position of vice-chair of the central bank is scheduled for 10 a.m. ET on Thursday.

Read more: Stock futures fall ahead of inflation data, Powell’s Senate hearing

The consumer price index will be released on Wednesday and will show a 7.1 % year-over-year increase, according to Dow Jones forecasts.

The new year begins with more uncertainty about the Covid-19 pandemic. The omicron variety contributed to thousands of flight cancellations. For the first three weeks of January, several corporations have urged employees to work from home.

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Stock Futures

Dow Jones Industrial Average futures advanced 0.39 % on Tuesday. The S&P 500 futures climbed 0.50 %, while the Nasdaq futures jumped 0.70 %.

Read more: Bitcoin briefly drops below $40,000, lowest since September as investors shed risk

Oil Prices

Brent crude futures, the global oil benchmark increased 1.37 % to $81.99 a barrel. WTI Crude oil prices gained 1.48 % to $79.39 per barrel.