NEW YORK (CNNMoney.com) - Bonds closed sharply lower Tuesday, giving back the previous session's gains.

Investors appeared to decide that prices were too high considering the Fed is expected to raise rates in 3 weeks, according to Reuters.

The dollar was mixed versus the euro and yen.

The euro bought $1.2068, down from $1.2085 late Monday in New York. The dollar bought ¥114.30, down from ¥114.40 the previous session.

The benchmark 10-year note fell 15/32 to 100-16/32, yielding 4.43 percent, up from 4.37 late Monday. The 30-year bond lost 31/32 to 111-1/32 to yield 4.62 percent, up from 4.55 in the previous session.

The two-year note inched lower three ticks, yielding 4.40 percent, while the five-year note dipped 9/32, yielding 4.37 percent.

Bond prices and yields move in opposite directions.

Bond prices moved higher Monday after two Fed officials hinted that the nation's central bank is close to ending its interest rate hiking campaign. (For more, click here.)

Treasuries also were buoyed Monday after the Dow Jones industrials average broke the 11,000 mark for the first time since 2001, which offered signs of underlying strength in the U.S. economy. (For more, click here.)

With no major economic news Tuesday, investors await Friday's reports, which include readings on December retail sales and producer prices.

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