U.S. Treasury yields are little changed as Federal Reserve's monetary policy meeting gets underway

U.S. Treasury yields were relatively unchanged on Tuesday as the Federal Reserve's two-day monetary policy meeting kicked off and investors digested a spate of economic data releases.

The benchmark 10-year Treasury yield fell 1 basis point to 4.976%, while the 30-year Treasury bond was lower by less than 1 basis point at 5.292%. The 2-year Treasury note yield was also down less than 1 basis point at 4.704%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

The Fed was set to begin its two-day monetary policy meeting on Tuesday, with the central bank's latest interest rate decision due on Wednesday.

Traders are widely expecting policymakers to keep the interest rate unchanged at the current target range of 3.75% to 4%, but will look for clues as to whether the Fed will hike interest rates again before the end of the year. Fed funds futures trading is now pricing in a roughly 90% chance that the Fed will hold rates steady, according to the CME FedWatch Tool.

Investors will also parse Chairman Kevin Warsh's statement at the press conference following the decision for potential insights on future monetary policy decisions.

Those on Wall Street also await data on durable orders, consumer confidence and new home sales due later on Tuesday. The latest publication of the personal consumption expenditures index, the Fed's preferred inflation gauge, is due on Thursday.