NEW YORK, Jan 16 (Reuters) -

U.S. Treasury yields rose on Tuesday, reversing the bullish tone at the end of last week after central bankers in Europe and the United States pushed back against market expectations of imminent interest rate cuts.

Yields, which move inversely to prices, were higher across the curve after weakness in European bonds on Monday, when U.S. markets were closed for a national holiday.

A report over the weekend showed Atlanta Fed President Raphael Bostic said inflation could "see-saw" if the central bank cuts rates too soon. Meanwhile, on Tuesday Fed Governor Christopher Waller said the path of policy change must be carefully calibrated, not rushed.

"Some investors have in their mind that as soon as we get to 2% (inflation) the Fed is backing off, but that's not quite going to be the decision process as they try to keep inflation down," said Michael Reynolds, vice president of investment strategy at Glenmede.

Fed funds futures traders on Tuesday were pricing for over 150 basis points in rate cuts this year, but assigned about a 60% chance of a rate cut in March after Waller's speech, down from about 70% earlier.

The mismatch between market expectations on rate cuts and indications from the Federal Reserve, which has pencilled in 75 basis points of cuts in 2024, is likely to continue to cause swings in yields, said Doug Huber, vice president for investment strategies at Wealth Enhancement Group.

"There's the questions of when rates get cut and how may are there ... to us that will set us up for an environment where we're anticipating more volatility in rates," he said.

While higher compared with their close last week, yields declined briefly after a weak reading on Tuesday of the New York Federal Reserve's Empire Manufacturing index. The reading was the lowest in the series’ history outside of April 2020, Goldman Sachs analysts said in a note, adding that seasonal adjustment likely contributed to the large monthly decline.

Benchmark 10-year yields rose to 4.064%, their highest in over a week, up from a 3.95% close last week. Further out the curve, 30-year yields were up at 4.305%, their highest in over a month.

Two-year yields, which generally tend to more closely reflect monetary policy expectations, were at about 4.228%, up from 4.138% on Friday.

The curve comparing two and 10-year yields steepened to about minus 17 basis points, the least inverted it has been since early November. An inversion of that part of the curve is generally seen as a sign of an upcoming recession.

"The front end (of the curve) is coming down on potential rate cuts," said Huber at Wealth Enhancement Group. "The long end will probably trickle down as well, but not likely as fast."

(Reporting by Davide Barbuscia; Editing by Nick Zieminski, Jonathan Oatis and Emelia Sithole-Matarise)