2021.01.1919:23:00UTC+00Treasuries Close Nearly Unchanged After Recovering From Early Weakness

After moving to the downside early in the session, treasuries regained ground over the course of the trading day on Tuesday.

Bond prices spent the afternoon lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 1.092 percent after reaching a high of 1.118 percent.

The roughly flat close by treasuries came amid a light day on the U.S. economic front, with some traders still away from their desks following the holiday weekend.

Traders kept an eye on remarks from Treasury Secretary nominee Janet Yellen during her confirmation hearing before the Senate Finance Committee.

In prepared remarks, Yellen called for additional stimulus to address the impact of the ongoing coronavirus pandemic, arguing the government needs to "act big."

Yellen acknowledged the mounting national debt facing the incoming administration but claimed the benefits of another relief package will far outweigh the costs.

A report on homebuilder confidence may attract attention on Wednesday, while trading could also be impacted by any major developments at President-elect Joe Biden's inauguration.