US Treasury yields soar, futures fall ahead of Fed two-day policy meeting

• 10-year Treasury notes surge to 1.79 % 

• 30-year Treasury yields climb to 2.135 %

The Treasury yield in the United States surged as investors are focusing on the Federal Reserve's two-day meeting and tightening monetary policy.

At 4:51 am ET, the yield on the benchmark 10-year Treasury note surged to 1.79 %. The 30-year Treasury yield advanced to 2.135 %. Yields move in the opposite direction of prices, and one basis point equals 0.01 %.

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The Fed's two-day meeting is set to begin on Tuesday, with a policy decision at 2 p.m. ET on Wednesday. Following the January meeting, the central bank is not expected to raise interest rates, with many investors anticipating the first boost to be announced in March, CNBC reported. 

The Fed, on the other hand, is likely to imply that monetary policy will continue to tighten.

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Stock Futures

Dow Jones Industrial Average futures decreased 0.68 % on Tuesday. The S&P 500 futures drop 0.99 %, while the Nasdaq futures dropped 1.32 %.

Oil Prices

Brent crude futures, the global oil benchmark increased 1.41 % to $87.50 a barrel. WTI Crude oil prices ticked up 1.31 % to $84.40 per barrel.

Read more: Crypto market shed $350 billion on weekend, weighed down by rate hikes, inflation

Meanwhile, Cryptocurrencies slumped, Bitcoin was valued at $35,982, or approximately 2.4 % lower than late Monday. It dropped below $38,300, its lowest level since August. 

Picture Credits: Jones Day