Yields dropped on Tuesday after the U.S. Treasury's 10-year note auction saw strong demand from domestic and foreign investors, even amid rising global trade tensions. Investors are also awaiting a statement from the Federal Reserve's policy-setting panel after a two-day meeting wraps up Wednesday.

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After the auction, the yield was lower by more than 3 basis points to 4.308%. The yield was down about 5 basis points at 3.793%. Yields and prices move in opposite directions. One basis point equals 0.01%.

The notes auctioned Tuesday, worth $42 billion, were sold at a yield of 4.342%, slightly lower than expected.

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Data released Tuesday also showed the U.S. hit a fresh record high in March, according to the Commerce Department. Imports surged 4.4% after consumers and businesses sought to get ahead of tariffs, with the shortfall in goods and services totaling $140.5 billion on the month, up 14% from February. On a year-over-year basis, the deficit has increased 92.6%, or $189.6 billion.

The figures came just before President Trump instituted 10% across-the-board tariffs on all imports and threatened higher duties pending a 90-day negotiating period.

Investors are also anticipating possible changes in the language used by Fed's policy-setting committee in order to divine the course of future interest rate policy. The Fed is widely expected to keep benchmark rates unchanged at their current 4.25% to 4.50%, despite central bank chair Jerome Powell to cut rates.

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"Chair Powell has repeatedly insisted that the Fed is in no hurry to lower rates. The April jobs report vindicated the Fed's patience," Bank of America Securities economists led by Aditya Bhave wrote Tuesday, referencing last Friday's stronger-than-expected April nonfarm payrolls report. "[T]he prevailing narrative is that there is less need for the Fed to cut rates given a resilient labor market."

"[W]ith the Trump Administration calling for rate cuts, markets might view preemptive easing as politically motivated," the Bank of America economists said. "This is yet another reason we think the Fed will stay on hold far longer than markets are pricing."

— With additional reporting by C온라인카지노사이트 reporter Jeff Cox