U.S. Treasury yields fell on Tuesday, with the 10-year Treasury note yield hovering around 1.56%.

The yield on the benchmark 10-year Treasury note fell to 5 basis points 1.557% at around 4:00 p.m. ET. The yield on the 30-year Treasury bond dipped about 5 basis points to 2.253%. Yields move inversely to prices. One basis point equals 0.01%.

Federal Reserve officials, including Governor Lael Brainard and the central bank's Atlanta President Raphael Bostic, have made comments recently playing down rising inflation and concerns about tightening of easy monetary policy.

Kansas City Fed President Esther George said on Monday that it would be important not to stick to a "rigid formulation of policy reactions" as the economic picture changes, according to a Reuters report.

Fed Vice Chair for Supervision Randal Quarles spoke before the U.S. Senate Committee on Banking, Housing and Urban Affairs on Tuesday.

Auctions will be held Tuesday for $40 billion of 42-day bills and $60 billion of 2-year notes.

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• Treasury yields dip slightly to start the week

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