Treasury yields dip as investors monitor economic data, Fed Chair Powell's remarks

U.S. Treasury yields were lower on Tuesday as investors looked ahead to labor market data and monitored comments from Federal Reserve Chair Jerome Powell.The yield on the benchmark 10-year Treasury note fell 2 basis points to 4.457% at around 4:35 a.m. ET, while the yield on the 2-year Treasury note fell 1 basis point to trade at 4.762%.Yields and prices move in opposite directions and one basis point is equivalent to 0.01%.The Labor Department is scheduled to publish its Job Openings and Labor Turnover Survey (JOLTS) for May at around 10:00 a.m. ET on Tuesday. Fed officials watch the JOLTS report closely for signs of labor market slack as they look for direction on monetary policy.Elsewhere, the Fed's Jerome Powell is due to deliver remarks at the European Central Bank Forum on Central Banking in Sintra, Portugal, from 9:30 a.m. to 10:30 a.m. ET.The CNBC-moderated panel, which also features ECB President Christine Lagarde and Banco Central do Brasil Governor Roberto Campos Neto, will discuss monetary policy, geopolitical risks, inflation and other issues in the global economy.The Fed's minutes from its latest policy meeting will be released on Wednesday, with U.S. nonfarm payrolls data due on Friday.