Treasuries rebounded on Tuesday, with the benchmark ten-year note yield falling by 4.3 basis points to 4.297 percent. The move comes ahead of the Federal Reserve’s monetary policy announcement, where interest rates are expected to remain unchanged. Strong demand was seen at the $13 billion twenty-year bond auction, with a bid-to-cover ratio of 2.79. In economic news, new residential construction in the U.S. surged by 10.7 percent in February, with housing starts reaching an annual rate of 1.521 million. Building permits also increased by 1.9 percent to an annual rate of 1.518 million.

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