NEW YORK, Feb 12 (Reuters) - U.S. Treasury yields were roughly unchanged on Monday, with the benchmark 10-year Treasury note pausing after three straight sessions of gains ahead of a key reading on inflation.

Tuesday’s consumer price index (CPI) for January will help shape investors' outlook on when the Federal Reserve could begin to cut interest rates.

Yields have been moving higher in recent days, as the latest payrolls report from the government showed the labor market remains on solid footing while several Fed officials, including Chair Jerome Powell, indicated they want to see further evidence that inflation was cooling before reducing rates.

The 10-year note reached 4.195% last week, its highest since Jan. 24, while the two-year touched its highest in nearly two months at 4.499%

"We started the year below 4% which is a little overdone and now I would say we're back to pretty much fair value - we're putting fair value on the 10-year somewhere between 4 and 4.5%, so I think I think things are stabilized and I do think bond investors are just holding their breath waiting for a good inflation report tomorrow," said Jack Ablin, chief investment officer at Cresset Capital in Chicago.

"It's all about the inflation report, that's obviously a key indicator and it was the jobs report and the inflation report that set the stage for that year-end, two-month rally that kind of ushered in 2024, so, hopefully, we will keep that narrative going."

The yield on benchmark U.S. 10-year notes ticked up 0.4 basis point to 4.191%, from 4.187% late on Friday.

The 30-year bond yield advanced 1.3 basis points to 4.3942% from 4.381%.

Markets have largely ruled out a cut from the Fed at its March meeting, pricing in only a 15.5% chance for a cut of at least 25 basis points, down from 76.9% a month ago, according to CME's FedWatch Tool.

A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at a negative 29.5 basis points.

The 2-year note yield, which typically moves in step with interest rate expectations, fell 0.4 basis point to 4.4843%, from 4.488%

The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) was last at 2.315% after closing at 2.319% on Friday.

The 10-year TIPS breakeven rate was last at 2.252%, indicating the market sees inflation averaging about 2.3% a year for the next decade. (Reporting by Chuck Mikolajczak; editing by Jonathan Oatis)