U.S. Treasury yields moved slightly higher on Tuesday, as investors await some closely watched inflation figures due later in the week.

The yield on the benchmark 10-year Treasury note rose 1 basis points to 2.779% while the yield on the 30-year Treasury bond was little changed, hovering just under the 3% level. Yields move inversely to prices, and a basis point is equal to 0.01%.

The 2-year Treasury yield was up more than 4 basis points at 3.263%, continuing to trade far above the longer-term 10-year rate. That relationship is broadly watched on Wall Street as a potential recession indicator.

Investors are trying to assess the potential pace of the Federal Reserve's monetary policy tightening efforts. An unexpectedly robust U.S. jobs report last week seemed to reduce the likelihood of a recession, allowing the central bank the capacity for more aggressive rate hikes as it looks to rein in inflation.

Wednesday's July consumer price index is expected to offer some clarity on the path of interest rate hikes.

That data release is preceded by a fresh batch of economic data on Tuesday.

Preliminary second-quarter productivity figures came in slightly better than expected, but still showed a decline of 4.6%. Unit labor costs grew at an annualized rate of 10.8%, comfortably above the 9.5% expected, according to Dow Jones, but down from the prior quarter.

The U.S. Treasury on Tuesday auctioned off $34 billion in 52-week bills and $42 billion in 3-year notes.

— CNBC's Elliot Smith contributed to this report.