The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, slipped more than 5 basis points to 4.198%. Treasury yields moved lower on Tuesday, following oil prices, after new comments from Treasury Secretary Scott Bessent on the prospects of an agreement to open the Strait of Hormuz. The move comes as oil prices slid after Bessent told CNBC an agreement to open the Strait of Hormuz could come Tuesday or Wednesday. "Energy-related inflation pressures may ease, but broader inflation could remain sticky in the near term, limiting how far Treasury yields move lower," Miano continued. Yields had been rising of late, with the 30-year hitting its highest level since 2007, as elevated oil prices sparked concern of persistent inflation.