U.S. Treasury yields lower as investors look ahead to new Fed meeting

U.S. government debt prices were higher on Monday as investors gear up for a new Federal Reserve meeting.

At around 1.30 a.m. ET, the yield on the benchmark 10-year Treasury note dropped 6 basis points to 1.3633% and the yield on the 30-year Treasury bond fell 7 basis points to 1.9030%. Yields move inversely to prices.

The data calendar is quite thin on Monday. The National Association of Home Builders Survey is out at 10 a.m. ET.

Meanwhile, U.S. Treasury Secretary Janet Yellen asked Congress on Sunday to raise the federal debt ceiling. In an opinion article with the Wall Street Journal, Yellen said failing to raise the debt ceiling could spark a historic financial crisis.

Furthermore, investors are looking ahead to a new Fed meeting, with Chairman Jerome Powell due to speak on Wednesday.

Powell has previously said the central bank could start lifting monetary stimulus before the end of the year and investors will be looking for clues about the tapering process.