TREASURIES-Price gains pared as Fed meeting begins

NEW YORK, July 31 (Reuters) - U.S. Treasury debt prices pared gains to trade slightly negative on Tuesday afternoon as the Federal Reserve began a two-day policy meeting amid expectations that more central bank action to help foster economic growth could emerge in coming weeks.

U.S. 10-year Treasury notes were trading 2/32 lower in price to yield 1.51 percent. The benchmark notes had traded in positive territory through much of Tuesday, with yields dipping to as low as 1.47 percent.