US government bonds are selling ahead of Wednesday's FOMC announcement

US government bonds sold off on Tuesday.

The yield on the benchmark ten-year note climbed by more than 4%, or eight basis points, to as high as 2.01%. The yield has not crossed 2% since mid-March.

The 2-year yield climbed to a near-one-month high of 0.56%. The 5-year yield rallied to around 1.4%.

Bond prices move in the opposite direction with yields.

Short-term yields are the most susceptible to changes in interest rates and expectations for rate movements, and tend to rise when rates rise.

The Federal Open Market Committee completes its two-day meeting on Wednesday. The market will be parsing its policy statement for any clues on when the Fed will raise interest rates.

Here's a chart showing the big move in the 10-year yield today:

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