U.S. Treasury yields were little changed on Tuesday as investors looked ahead to fresh inflation insights slated for release on Friday.

At 3:53 p.m. ET, the 10-year Treasury yield was nearly 2 basis points lower at 4.23%. The yield on the 2-year Treasury was up unchanged at 4.734%.

Yields and prices move in opposite directions and one basis point equals 0.01%.

Investors awaited several economic data points due this week, as questions remain about when the first Federal Reserve interest rate cut could come.

While chances of a summer rate cut appear low, investors are looking for hints about whether the Fed may move to cut rates in September. Traders were last pricing in a 67.7% chance of rates being cut then, according to CME Group's FedWatch tool.

As the week continues, durable goods orders data and the personal consumption expenditures price index for May — which is the Fed's favored inflation measure — are set to be released.

Federal Reserve Governor Michelle Bowman said Tuesday the central bank is not yet ready to lower rates — and is open to raising if inflation remains stubbornly high.

"Should the incoming data indicate that inflation is moving sustainably toward our 2 percent goal, it will eventually become appropriate to gradually lower the federal funds rate to prevent monetary policy from becoming overly restrictive," Bowman said in prepared remarks for a speech in London. "However, we are still not yet at the point where it is appropriate to lower the policy rate."

Several upside risks remain ahead of the central bank's 2% target inflation rate, Bowman added.

"I remain willing to raise the target range for the federal funds rate at a future meeting should progress on inflation stall or even reverse," she said. "Given the risks and uncertainties regarding my economic outlook, I will remain cautious in my approach to considering future changes in the stance of policy."

In remarks to the Economic Club of New York on Tuesday, Fed Governor Lisa Cook said that she expects inflation rates to change little this year but then "slowing more sharply" in 2025, possibly paving the way for interest rate cuts.

"With significant progress on inflation and the labor market cooling gradually, at some point it will be appropriate to reduce the level of policy restriction to maintain a healthy balance in the economy," Cook told the Economic Club of New York. "The timing of any such adjustment will depend on how economic data evolve and what they imply for the economic outlook and balance of risks."