U.S. government debt yields continued their upward climb on Tuesday as the Federal Reserve began its two-day policy meeting.

The yield on the benchmark 10-year Treasury note was higher at around 3.11 percent at 7:07 a.m. ET, it's highest level since May 18, when the rate hit a 2018 high of 3.128 percent.

The Federal Open Market Committee will begin its two-day monetary policy gathering Tuesday, with analysts expecting the U.S. Federal Reserve to announce a quarter-point rate hike when it concludes its meeting tomorrow.

The hike will push the funds target to 2 percent to 2.25 percent, where it last was more than 10 years ago.

The event will also be watched closely to see if the central bank provides any signals as to where monetary policy will be heading over the coming months and into next year.

Read more in CNBC.