From Dow Jones & Company:

Treasury yields fell further on Tuesday, with the 2-year, 10-year, and 30-year yields all dropping by several basis points from Monday.

Traders are now 81.5% sure the Fed will leave its benchmark interest rates between 5.25%-5.5% at its March 20th meeting. The probability of a 25-basis point rate cut by May is 66.4%, with the fed-funds rate expected to drop to 4%-4.25% by December.

Loretta Mester, president of the Cleveland Fed, emphasized that cutting rates too soon or too quickly without evidence of sustainable inflation would be a mistake. The Treasury plans to auction $54 billion of 3-year notes at 1 p.m. Eastern time.



Read more: Treasury yields dip after two-day surge