NEW YORK (CNNMoney.com) -- Treasury prices slipped Tuesday after a group issued a report that suggested that the Federal Reserve may need to resume raising interest rates.

The dollar climbed against the euro and the yen.

The 10-year Treasury note closed down 13/32, or $4.06, on a $1,000 note to yield 4.78 percent, up from 4.73 late Friday.

The 30-year bond slipped 22/32, or $6.87 on a $1,000 bond, to yield 4.93 percent, up from 4.87 percent in the previous session. Bond prices and yields move in opposite directions.

The five-year note fell 5/32 to yield 4.73 percent, while the two-year note slipped two ticks, yielding 4.79 percent.

Traders blamed declining bonds prices on profit-taking and a report issued Tuesday by the Organization for Economic Cooperation and Development that said the central bank may have to continue raising rates, Reuters reported.

At its most recent meeting in August, the Fed left interest rates untouched at 5.25 percent after instituting rate hikes 17 consecutive times since June 2004.

"A big part of it is that you had a decent short-cover rally on Friday afternoon and most members of the Street think that the market is a bit overdone and so the first trade is usually a sell," Ted Ake, head of bond trading at Mizuho Securities in New York, told Reuters.

With little economic data to digest Tuesday, bond traders will be looking closely at reports due out later this week including the Fed's "Beige Book" survey and the revised productivity number for the second quarter.

In currency trading, the dollar gained against the euro, which bought $1.282, down from $1.2870 Friday. The dollar rose to ¥116.13 against the yen from ¥116.04 in the previous session.

--from staff and wire reports

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