U.S. Treasury yields receded lower on Tuesday early morning, following prepared remarks from Federal Reserve Chairman Jerome Powell for a congressional hearing, in which he warned the financial recovery was “far from total.”The yield on the benchmark 10-year Treasury note fell to 1.645% at 5:30 a.m. ET. The yield on the 30-year Treasury bond dipped to 2.346%. Yields move inversely to prices.Powell and Treasury Secretary Janet Yellen are due to make their very first joint appearance in front of the U.S. House Committee on Financial Services at 12 p.m. ET on Tuesday, to discuss their reaction to the coronavirus pandemic.In prepared remarks, released Monday afternoon ahead of the congressional conference, Powell said that the economic recovery from the pandemic had “advanced more quickly than generally anticipated and looks to be reinforcing.”However, he said that the sectors of the economy hardest-hit by the pandemic “remain weak” and the joblessness rate “ignores the shortage,” so the healing still had a long method to go.Meanwhile, Fed Governor Lael Brainard is set to make a speech on the U.S. financial outlook and financial policy at the National Association for Business Economics yearly economic policy conference at 3:45 p.m. ET.New homes sales data for February is due out at 10 a.m. ET.Auctions are due to be held Tuesday for $34 billion of 52-week costs, $40 billion of 42-day bills and $60 billion of 2-year notes.

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